Asking $75,000
Est. Repair $30,000 *
Est. Repaired Value $135,000 **
Potential Gross Profit >>>>$25,000<<<<
Great opportunity to add this fully rented duplex to your portfolio of cashflow properties. First floor comes with 2 bedrooms, 1bath, basement and is rented for $700 per month. Second Floor comes with 4 bedrooms, 1 bath, attic and is also rented for $700. Comes with a 3 car detached garage that is also rented for $400 per month. Taxes are only $3,981 per year. Tenants currently pay for Electricity, Heat and Water. Home will need about $30k worth of work.
Although each unit is rented below market value with leases until August 2019, this property still brings in a positive cashflow. Which means after August 2019 leases can be renegotiated or have new tenants come in at current rental market value. The 2 bedroom can rent for approximately $1,000 per month and the 4 bedroom for about $1,300 per month. You can continue to rent the garages for $400 or maybe a little more. Below is a break down of the current rental income as of now and a scope of future rental income.
Current Rental Income
Gross Income – $21,600 (including $400 for garage)
Taxes – 3,981
Insurance – $1,000 (estimate)
5% Vacancy – $1,080
Net Income – $15,539
ROI – 14.79% (Return on Investment includes acquisition + $30k worth of work)
Future Rental Income potential
Gross Income – $32,400 (including $400 for garage)
Taxes – 3,981
Insurance – $1,000 (estimate)
5% Vacancy – $1,620
Net Income – $25,799
ROI – 24.57% (Return on Investment includes acquisition + $30k worth of work)
Multi Unit Comps:
(1) 239 Filmore St Sold for $120k on 11/20/18 (4bed 2bath 1,818 Sqft)
(2) 650-652 Sayre Ave Sold for $117k on 06/01/18 (4bed 2bath 1,947 Sqft)
(3) 289-291 Chambers St Sold for $192k on 12/14/18 (5bed 4bath 3,244 Sqft 4unit)
CALL OR TEXT JOHN JARAMILLO FOR MORE INFO AT 732-630-2627
IF YOU NEED FUNDING TO PURCHASE THIS PROPERTY OR ANY OF OUR PROPERTIES, PLEASE GIVE US A CALL AND WE CAN PUT YOU IN TOUCH WITH ONE OF OUR AFFILIATE LENDERS.
SERIOUS BUYERS ONLY PLEASE. Buyer must be purchased with cash, hard or private money, or line of credit and able to close within (10) days or less. 10% Non-Refundable deposit due within 48 hrs of acceptance. Property being sold “as is”, any and all inspections and certifications, including Certificate of Occupancy will be Buyer’s responsibility. Free and clear title, quick closing offered.
TO MAKE AN OFFER CALL John at 732-630-2627.
All information, regardless of source, should be verified by personal inspection by and/or with the appropriate professional(s). The information is not guaranteed. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes. The buyer is responsible at their sole cost and expense to obtain all required permits, approvals, and certificates, including but not limited to the certificate of occupancy and smoke detector certification.
*Estimate repairs are only an estimate, all buyers are encouraged to visit the property with the contractor and gather an estimate.
**After Repair Value is an estimate of what the property can be resold after repairs have been completed. All buyers should perform their own due diligence.