Great Deal Alert $575,000 - Triplex
One of the great ways one can get a great deal is to buy in a location that only a select few astute Real Estate people know is hot, or is about to be hot.
I believe we have one here, which you may be able to acquire without a bidding war, and thereby get it at a price that ‘pencils out’ handsomely.
I love this property. Here’s why:
a) It has charm and character
b) It is fully renovated – it is doubtful you will spend any money on it once you own it.
c) It pencils out nicely;
One unit is currently occupied at $1000/mo.
Two are vacant: there is a 3 bed 1.5 bath that will rent for no less than $1800, and maybe up to $2000. Plus if you spent some money and added a shower, you can tack on an extra $200/mo (shower will have paid for itself within a year.)
Then, upstairs is a 2 bed 1 bath that will also rent for about the same amount, owing to the fact that it is a basically nicer unit.
So, minimally you are at $4800/mo. At $575K, with 25% down you are at 10 % cash on cash return in a location with excellent upside and little to no capital improvements to pay for.
Plus, the ‘$1000/mo’ people will eventually move out and you can fix that one up and eventually get it up to $1300/mo, or thereabouts. If we move quickly I believe I can get it for you if you want it.