Sold $375,000 - Duplex
$425K out of pocket for purchase and rehab. Once fixed up and rented you can get conventional loan at 25% down. Including your down pmt, closing costs and rehab costs you will be at $155K approximately out of pocket. Factoring in all monthly expenses including mortgage payment, you should net $1300/mo or $15,600 per year. This would give you 10% + cash on cash return in a very upside location.
Here’s a property that would both a) pencil out nicely and b) have excellent upside, but it has to be an all cash purchase.
The specifics are:
a) There is a 3 bed 2 bath and a 2 bed 1 bath. Based on location ( which is walking distance to the newly ‘hipped out’ York Blvd/Ave 50 area) you could anticipate as much as $3500/mo in rents.
b) It needs work but assuming the fix-up doesn’t come in any more than around $50K the numbers are:
$425K out of pocket for purchase and rehab. Once fixed up and rented you can get conventional loan at 25% down. Including your down pmt, closing costs and rehab costs you will be at $155K approximately out of pocket. Factoring in all monthly expenses including mortgage payment, you should net $1300/mo or $15,600 per year. This would give you 10% + cash on cash return in a very upside location.
If interested contact me and I will help you out.
