Attention Cash Flow Investors
3/1 ~900 Sq Ft property in St Joseph Gardens neighborhood, Cahokia, Illinois.
Does need repairs as follows, roughly $10,000.
*Roof $3000 max
*Ceiling Repair ~$1000
*Flooring throughout (except bathroom) ~$1500
*Update Kitchen - currently has metal cabinets, could be easily cleaned and repainted. ~$2000 if replacing entire kitchen
*Paint throughout ~$1500
*May need to update electric panel. Currently on 60 AMP fuses. ~$1500
Rents in the area go for $700-$750/mo. for similar, updated properties. ARV $50,000-$55,000.
Asking $23,000. Assuming we go over budget and end up spending $12,000 on repairs, you will enjoy a 24% Cash on Cash return ($8,400/$35,000)!!!! If you are out of the area I can recommend a few property management companies that work in this area regularly. I can also put you in touch with contractors to do quick, solid, reasonably priced work.
See tons of pics here - https://plus.google.com/101629969001747770101/posts/ZpQxMYC3Egu