Sold $300,000 - Triplex
This gives you room to maneuver even if a bidding war drove the price up higher than that , or you needed to spend $40K instead of $30K for mixup. After reading these numbers we won’t blame you if you start throwing rocks at the rate you are getting on your “savings” accounts.
Here’s one you should run, not walk to, as it pencils out ever-so-handsomely!
It probably won’t last long.
However, I have a bit of inside information that gives you an edge. One of the units is currently occupied by the daughter of the owner, and therefore can be vacated without any re-location fee. If it is vacated, it will get about $350/mo more rent than the current “family favored” rate. That will make the numbers look like this:
Purchase = $300K (I am guessing that a bidding war will drive it up to this price…it is being offered for $275K.)
The income should come it at $3300/mo. I am estimating a need for about $30,000 of update work, none of which is likely to be urgent as tenants are already happily paying their existing rent.With those numbers your cash on cash return would be a stunning 16% !!!
This gives you room to maneuver even if a bidding war drove the price up higher than that , or you needed to spend $40K instead of $30K for mixup. After reading these numbers we won’t blame you if you start throwing rocks at the rate you are getting on your “savings” accounts.
If interested, please call. I don’t expect this one to last long.
