BiggerPockets

Description:

Experience appreciation, cash flow, AND pride of ownership with this unusual opportunity! FREE property management plus $90/month rent subsidy for 3 YEARS! Purchase now with over $3000 instant equity and over $5000 in seller subsidies.

DESCRIPTION
~ Beautifully remodeled 2-bedroom/1-ba 791 sq. ft. units;
~ Currently leased and providing strong positive cash flow;
~ Superior rental market translates into low vacancy rates and increasing rents (annualized rent appreciation of 17%!);
~ Highly qualified professional property management in place;
~ Vetted national lender with REAL loans ready to close on these particular properties.

PROPERTY HIGHLIGHTS
~ Currently rented at $700/month;
~ 65-Unit Complex with amenities including:

• Large, refinished, outdoor pool
• Expansive, green open space common area
• BBQ
• Exercise room
• Laundry
• Rentable storage
  ~ Walking distance to Whitman College (nationally recognized, highly selective, residential liberal arts college founded in 1882)
  ~ Units feature all new kitchen cabinets, countertops, appliances, carpet, HVAC, tubs/toilets, window coverings, and more;
  ~ Recently appraised at $108,000.

AREA HIGHLIGHTS
~ Home prices up 10% over the last year in this attractive community;
~ Previously famous for onions, now its wine:
—New Prosperous Wine Town: Walla Walla (Recent N.Y. Times feature article)
—The Next Napa (L.A. Times and Sunset Magazine)
—More than 60 wineries now located in the region
~ "#1 Location in U.S. for Retirement" (CNN Money);
~ Business hub for SE Washington: Home to 15 financial institutions!
~ 10-yr. job growth predicted to be 16.83% (Sperlings Best Places);
~ 32% of homes here are rented, compared with only 21% nationally;
~ Infrastructure, hotel, and retail construction (incl.Wal-Mart, Starbucks, etc.) in full swing.

INVESTMENT HIGHLIGHTS
$104,900 Purchase Price
INCOME: $790/mo.
- Rental income: $700/mo.
- Additional Income: $90/mo. Seller Subsidy for 3 years
- Free Property Management for 3 years
EXPENSES: $608-625/mo. (depending on your loan terms)
- $411 to $428 Debt service (based on available loan programs from Sunset Mortgage: 5.875%-6.125% I/O)
- $102 Property tax
- $82 HOA
- $13 Insurance
POSITIVE CASH FLOW: $165-$182/month