Whitaker Rental Property For Sale

Whitaker Rental Property For Sale
Whitaker Rental Property For Sale

 Asking Price: $70,000 (includes assignment fee)

Property Details:

2 Bed / 1 Bath / 845 sqft

Monthly Rent:$800 (At this rent rate you meet the 1% rule)

2016 Property Taxes: $1,621.45

Estimated Repairs: $15,000

Estimated FMV: $85,000 to $90,000

Description:

The current condition is fair with some needed repairs.It is a turn key property and already has long term tenants. The leases are one-year terms signed every year. Current tenant pays on time and is a good tenant. The tenant is actually doing several repairs to the property himself at his own expense. He is currently remodeling the bathroom and the backyard. The property does have the potential to be converted to a 3/2 with minimal costs by utilizing the carport area for the additional bedroom and bath. With an estimated FMV of $85,000 to $90,000, this property is a good buy at this price for a rental with a tenant. It will already cash flow upon purchase. Sales prices in the area range from $80,000 to $90,000 in the neighborhood for a 2/1 or $100,000 to $110,000 for a 3/2. It nets approximately $7,680 per year on rental income after expenses. This is approximately a 10% ROI yearly.

 

If you are further interested in this property please email me at Josh@mad-realestate.com

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