Year built – 1935
.34 acre
Gravel parking for tenants and guests
All units are vacant
2 units are ready to rent – Need cleaning
3 units are down to the studs – need complete rehab
Rehab estimate is $80,000.
Unit Mix:
2 Units: 2 Bed / 1 Bath
3 Units: 1 Bed / 1 Bath
Purchase Price - $119,900
Cash Out
No Owner Financing
Pro-forma Rents – 1 bed - $700; 2 bed - $800 (these probably could be another $50-
$100 higher) - $3,700 gross rents x 12 = $44,400 x .95 (5% vacancy) = $42,180
(Effective Gross Income)
Expenses: Utilities are mostly paid by tenants. W/S/G is only about $150 per month.
Taxes and insurance will be cheap. Most of the property will be new, so there will be
very little in capex or repairs.
Expenses will run about $14,763 (35% of revenue)
NOI - $27,417
Value of property = $304,633 - $342,712 – 8%-9%
$1,000+ monthly cash flow with no money invested in the property and $100K+ in
equity!
Earnest money of $5,000 is fully refundable until the site visit is completed. At that time, it will become non-refundable. BUYERS PAY ALL CLOSING COSTS.
CONTACT REBECCA JENSEN FOR MORE INFO 801-865-4167
PLEASE DO NOT DISTURB THE OCCUPANTS! INSPECTION BY APPOINTENT ONLY! CASH BUYERS WHO CAN CLOSE QUICK! SERIOUS INQUIRIES PLEASE.