3rd Deal....This time a condo
Did my third deal end of last year and thought I'd share it now.
Type: 1BR 1BA Condo
Features: Corner ranch unit, 755 Sqft, W/D in unit, sliders to deck, 1 Car Garage, low rise two story building.
Built: 1975
Amenities: Pool and Club House
Best selling factors: Garage. W/D in unit. (Not many 1 bedrooms in complex have a garage & most comparable units in area do not have W/D in unit)
Purchase price: $51,000.00 (cash deal)
Note: Small assessment paid by seller at closing. No upcoming assessments.
Taxes: $3,602.00
HOA: $269.00/mo
Renovation cost: 10k (appliances included, hardwood floors, paint, remove drop ceiling & tile work in kitchen, doors, new vanity/mirror in bathroom)
Note: The bathroom was totally renovated not long before I purchased by previous owner. The newer washer/dryer seen in photo came with unit.
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What made me purchase? Saw a demand for these units in the market and knew I can get better rents than what they were going for. This complex is more well maintained than most in area and in a great location (safety wise, accessible). Also, the W/D feature, garage, layout, size and quality of living in this complex sold me. Sold my client one in complex first and rented their 1BR for $1,295.00 to a grad student from local college. Most a one bedroom has ever rented in complex.
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Rented: $1,250.00 / 2 year lease to a local Accountant with excellent credit and references.
Before Renovations:
After Renovations: