Sold $429,000 - Investment Property
The smaller unit is already getting $1250/mo. The larger (vacant) unit will get minimally $2000/mo. It’s been nicely rehabbed by Matt Manner’s people (as they usually do.) It also has nice grounds, parking, and detached office/studio space.
As most of you know the market is extremely competitive these days, and even if an income property comes on the market that ‘pencils out’, more often than not a bidding war drives it up to the point where it no longer does. So how, one might ask, do I ever help you get an income property where you can make the numbers work ???
There are two ways:
Occasionally I have access to a property that isn’t yet on the market so I can spare you a bidding war. The other way I do it is if I see a property on the MLS that I feel is, for one reason or another, ‘flying under the radar.’
This property comes under the latter heading. Specifically, most people will reject this property right away due to its location. However, I, with my local knowledge, am one of the few people who are aware of the fact that folks are rapidly ‘warming up’ to this location for a variety of reasons, and you can actually get the rent you need in order to make the numbers work. Specifically:
The smaller unit is already getting $1250/mo. The larger (vacant) unit will get minimally $2000/mo. It’s been nicely rehabbed by Matt Manner’s people (as they usually do.) It also has nice grounds, parking, and detached office/studio space. $2000/mo is quite safe, perhaps even a bit low. At $3250/mo income, at $410K purchase price (let’s say,) putting 25% down, it goes like this: $850/mo net income (or $10,200 net income per year) with $110,000 cash out of pocket for down payment and closing costs. No fix-up costs needed on this one. That comes to 9.3 % cash on cash return on your $110,000.
There are currently no offers but trust me that isn’t going to last. I suggest you jump on it. If you want it,give me a call and I’ll help you out.
