As for rough numbers, when fully occupied, the gross rents are around $1820/mo. The property is (2) duplexes on one lot, both uppers and lowers, in duplex #1 the upper and lower are both rented out for $395 (upper) & $500 (lower) with leases for each. Duplex # 2 was rented out as one unit for $925 w/lease but the tenants left at the beginning of this month because of health related issues. My property manager is currently showing the place and expects to have it rented by the end of the month. In duplex #1 the utilities are split 50% for the lower and 30% for the upper, with me paying the common areas (20%) in duplex #2 the utilities were paid by the tenant. Water/Sewer is around $100/mo (will check on that as I don’t have the bills in front of me). Right now my property manager charges me 10% to manage everything.
I have done a lot of maintenance/remodeling since buying the property, rebuilt furnace, painting, miscellaneous repairs both exterior/interior, and all of the main (big ticket) items are in good shape (roof, siding, mechanicals). The only thing that may need to be done at some point is to replace the roofing on one garage, and if I were to keep it long term, maybe think about doing the windows at some point.
The best number to call me is on my cell phone 978-257-5467, and you can call anytime. Thanks for your interest.
Khouri Rice [email protected]
Just out of curiosity, what made you invest out of state in the first place? Was it because of lower prices? What does your new local strategy look like?