This is one I told you all about before—but with the advent of the new bill that I just emailed you about (SB 13)—it’s a whole new ballgame! This is a duplex with a third unit that violated the side yard and rear yard setbacks and thus could not be used as a rentable unit. However, due to the fact that it was once a garage, it is totally available to be a legal rental.
If one considers that one has two large 3-bed units, and one good-sized 2-bed unit, on a very large, very nice plot of land with lots of yard and parking, you are looking at approx $10,000/mo of income. They are asking $1.1 million but I have it on very good authority that it can be had for $1 million. If one considers that one will spend between $250K – $300K to renovate, you have a fabulous investment property that will fetch, roughly, $3000/mo in cash flow. Put another way, that is 11% cash-on-cash return!
Call me and I will help you get it!
213-250-4404 or cell 818-237-6963