Sold $775,000 - Residential Income
As I’ve told you time and time again, one of the great ways for me to find you a great deal is when the presentation neglects to highlight what makes it a great deal. Here is such a property.
The reason this one is flying under the radar is because, in its present state, it gives poor return on investment. However, the good news is that Pasadena is a non-rent control location and the current rents are WAY under market value. If one were to bring it up to market value (very easy to do) this property will yield approximately $6850/mo, or $82200 annually.
At $775K purchase price, this comes to about 11.5% cash on cash return. Plus, with it being so close to Old Town Pasadena and having as much charm and character as it does, it should have nothing but upside for the future.
Call me if interested.
