Great Deal Alert $1,400,000 - Investment Property
6 unit – south section of Silver Lake/Echo Park – $1.4 million
Here’s one that is fantastic for anyone who is just trying to build up a nice portfolio in an up-and-coming part of town, and also have good cash flow: This is 6 units, 5 of which can be delivered fully renovated and vacant, and the remaining one that is getting $850/mo. Even that one, if you’re willing to be patient, will eventually be vacated as the tenant is quite elderly, and that $850 will go up to $1900. However, even with the tenant still in there, here’s how the numbers break down:
Three large 2 bed, 1 bath – will rent at about $1900 each
One 3 bed, 1 bath – will rent at about $2350
One 1 bed – will rent at about $1450.
That totals $9500, plus the $850 that you get from the occupied unit, which equals $10,350.
Some seller carryback is a definite possibility, to make it even sweeter. Could easily yield as much as $3500- 4000/mo cash flow, with good future upside.
Let me know if you want help with this.