Sold $599,000
Here is a fun one for an adventurous Real Estate investor:
A client of mine bought this and got permits to rehab it and has fixed the foundation. The rest is up to you. 4 of the 5 units will be delivered vacant. 3 of them (1 bed 1 bath) have been gutted and the fourth detached unit (2 bed 1 bath) needs updating. The 5th unit (also a 1 bed 1 bath) has a very elderly lady in it who will likely need to move to assisted living sooner than later, but in the meantime she is only paying $400/mo. However, even with her in there, I have it at $1700/mo for the other three 1 beds once they are renovated and about $2500/mo for the detached 2 bed for a total of $8000/mo or $96,000 annually. Here’s how it all lays out finance-wise:
$1,075,000 all in, between the $875K purchase and the approximately $200K fixup costs. $8000/mo income with elderly woman still in, and $9300/mo once she leaves. With $322K down payment, you get $2600/mo or $32,000 annual cash return, with a very nicely appreciating asset due to it’s character, condition (once it is fully rehabbed) and its location. Obviously the numbers get even much better than that as soon as unit #5 frees up and you can get current market rent on that one too.
Let me know if interested and I will help you get it.
