Sold $1,375,000 - Investment Property
Well, they say it never rains, but it pours! (They also say it never rains in Southern California, but I think it’s currently “raining” good deals! J) I now have yet a second great deal in East L.A., all in the same week! Here it is:
This 9-unit has no rent control and is even closer to Cal State campus than the last one. All tenants, except one, are on month-to-month so you can get them out pretty quick to rehab and re-rent the units. I am estimating $20K per unit for fix up, or about $200K total. They are asking $1.375 million, but I would try to get it for $1.275 million. They currently have no offers.
At $1.275 million, one would be cash flowing to the tune of close to $5K/mo after all expenses including property management. This translates to a net annual income of about $58,500, or a cash-on-cash return of about 13.5% in an upside location.
If you think you might want this property, give me a shout and I’ll help you get it.
