Sold $450,000 - Duplex
Here is a classic example of the kind of thing you can get done in the Boyle Heights/Lincoln Heights area these days. I have one client who is simply buying up small multi-family properties in this area like pairs of shoes! He has amassed a very nice portfolio.
This property, assuming there is a bit of a bidding war and you end up paying, let’s say, $475K, will give you approximately $4000/mo income, or $48,000 annually, and with very little (or no) money you need to put into it for quite a while. It is being delivered vacant which is why you will be able to fetch market rents. And, you will be in a location that is “The Next Echo Park” and, as such, has nothing but upside!
Figure to net approximately $1300/mo, or $16,000 annually for your cash outlay (down payment and closing costs) of approximately $125K. That is almost 13% cash-on-cash return with what will surely be an appreciating asset over time.
