Great Deal Alert $750,000 - 4-Plex
Once again the incredible Silverwood Properties networking activity has turned up an amazing property that is not on the market. I know I keep saying it, but this really is a valuable resource we provide to you; it means you are NOT having to compete with hundreds of thousands of agents and buyers who look at the multiple listing services regularly to see what’s available out there.
That, a) should (ideally) mean no bidding wars driving the price up and b) far less competition for you. Anyway, here’s the specifics of this one:
a) in a great Echo Park location.
b) lots of on-site parking
c) the biggest unit (3/2) has mountain views and views across the west side; the unit mix is: single, 2/1, 2/1 and 3/2.
d) one 2/1 is being delivered vacant and the other 2/1 can be easily vacated within 30-60 days, with no re-location fee!
e) I do not know exactly how much money it will take to secure the property, which is why I posted ‘$725K- $750K’ – I am pretty certain somewhere in that range will get the job done. If so, it ‘pencils out’ beautifully. Once you fill the vacant units, you will be at approximately $6200/mo. I estimate it needs about $40K worth of work to get it to those numbers.
With all that in mind, one would be at approximately 11% cash on cash return, and this on a property with a tremendous good upside.