Sold $800,000 - Duplex
Well, hopefully this one will remain under the radar long enough for you to pick up this very viable income property for a price that pencils out. The seller does have one offer, but I think you can get it for $800K, which most definitely cash flows and performs well. It is a legal duplex which has a bonus unit that is permitted for a rec room. Minimally, you can rent it as an office or studio and get $750 for it. Or, if you so desire, you can fly it under the radar as a full rental for more. (Note: I have only allowed for the $750 in my figuring here.)
With all the above in mind, and considering it will be delivered vacant and has just been completely renovated, I have the monthly income at $5500/mo, with your FULL monthly expenses at $3900/mo. This, of course, means $1600/mo cash flow or, in other words, a “cash-on-cash” return of 10%. Plus, you are in the red-hot Virgil Village which means continuing upside to go along with the immediate cash flow.
Let me know if you want my help in obtaining this property.
