BiggerPockets

Description:

House has new siding and windows. Needs flooring throughout, some ceiling and some minor wall repairs, porch repairs (roof & flooring) and some minor miscellaneous updates. All electrical and plumbing are in good condition. All windows intact (boards just covering for protection). Great fenced in back yard! House sold for $74,000 in 2007, rehab would be no more than $10,000!! Can be purchaesd at $12,500, Would make a good rental or land contract.
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Deal Analysis Cost of Property + Rehab: $22,500 Monthly Rents: $650 Gross Income: $7800 Net Operating Income: $5,070 Capitalization Rate (Return on your money per year) = 23% Equity Position: $45,000
-—————————————————————- Comparable Sales
Address Sales Date Price
2875 Hamilton Ave. 6/19/2009 $83,500 2844 Audubon Rd 10/2/2009 $76,500 912 E 17th Ave 9/15/2009 $65,500

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