Sold $750,000 - Investment Property
I would like to introduce you to the next hot neighborhood, right in line with, and right next to, Boyle Heights. It is East L.A., which has two assets many neighborhoods lack, both of which are very interesting: (1) it has no rent control, and (2) it has a Cal State L.A. campus with 25,000 enrollment, many of whom are needing/wanting housing in the neighborhood.
This 5-unit is less than a mile away from the Cal State campus. It has 4 two-bedrooms and 1 one-bedroom. Fixed up, it will fetch $1250/mo in rent for the one-bedroom, and $1700/mo for the two-bedrooms. It has parking for 4 garage parking spots and 4 more driveway spots. It is a “character” building with moderate fix-up needed. To get those rents, my estimate is one will spend about $30K per unit, or $150K total. That puts you at $950K but the rents will be $8050/mo, or $96,600 per annum.
Cash flow would be $3050/mo or $36,600 annually. At 30% down payment, one would be looking at, after all monthly expenses, approximately 12.8% return on investment, and in a good, upside location. There are not many winners out there these days . . . this one is! I suggest you jump on it. Give me a call anytime and I’ll help you get it.
