• Newly built in 2017 and remodeled/cared for since then
• 7 bedrooms & 2 full bathrooms
• Single unit with large, unfinished basement
• Nice-sized back yard
• Long-term tenant in place, pays $2100/month plus utilities.
• ARV: $315k | Repairs: $0k | ASK: $235k
• Cash flow is $600/month BUT rent is very low. Rent should be closer to $2800/month & tenant’s lease is up in April 2022.
• COC: If you keep tenant at $2100/month: 9.5% at purchase, 17% with a refinance (6 months after purchase). The number will be significantly higher with an increase in rent!
• This deal comes with a small equity position that is available after refinancing.
• The basement is large enough for 2 bedrooms and 1 bathroom for a ‘bonus’ apartment.
**For serious investors only**