List of Seller completed updates within the last 2 years:
New roof
Sofit and Fascia Painted
Interior paint
New Water Heater
Updated plumbing
Updated Electrical
New kitchen cabinets
New interior doors and trim
Items Left to finish out:
Kitchen counters, sink, and appliances (cabinets are already installed)
New flooring
If you wanted to update the bathrooms you could paint the wall tile and tub surround, replace the sink and toilets
Paint the garage
Clean up the yard
There is a waitlist for 4+ bedroom properties and the minimum rent for that size house is $1500/mo
This one is a 5 bedroom 3 bathroom house
Price is 125,000
Value in rental is much higher:
125,000 purchase price
10,000 repair completion costs
Total – 130,000
Financed with 20% down
30,000 cash for a downpayment and CC
8,192 yearly PI payments
18,000 gross rent annually
5,200 annual operating expenses (tenants pay all utilities)
NOI $12,800
Cash on Cash year 1 = 13.83%
House is vacant.
Call Alissa to schedule a walk-through appointment 612-227-1343