Great Deal Alert $440,000 - Duplex
This property was in escrow and then fell out of escrow and is now available. I have a great deal of information on this property . It will take a bit of rehab, but offers a very handsome return.
The property has plumbing, electrical and drainage issues and needs updating. I have an excellent contractor who has seen the inspection report and has seen the property, and he will take care of all the above for $47,500.
The property will be delivered vacant. It is two 3 bed 1 bath units with parking and a yard. It is a perfect rental for hipster roommates or USC students or similar such tenants. I have had excellent experience with such tenants, by the way, in NELA, and am happy to coach anyone re tenant screening, or even help you do it, if needed.
The units will not rent for less than $750 per bedroom (or a total of $4500,) and quite possibly as much as $800 per bedroom ( or $4800/mo.) At the $4500/mo figure, factoring in 25% down payment, closing costs, rehab cost (the above-mentioned $47,500) I have this property cash flowing at $1900/mo or $23,000 per year. This means a cash on cash return of a whopping 13.9%, and this in a rapidly gentrifying neighborhood.