College Property! - 15% Cap Rate - Great Rental (Illinois)

[Austin Faux]

Hi! We've got a great property in Illinois that's ready for you!

We're offering Seller Financing on 502 S Prairie St. Jacksonville, IL 62650! We'll finance the property at $17,000 with a $5,000 non-refundable deposit or you can buy cash for $15,000!  The property is only 4 BLOCKS from Illinois College! Great Rental with 15.56% Cap Rate or Fix & Flip opportunity with an ARV $110,542.50!!!

CALL NOW: (720) 903-3600 Ext: 217

Property Details:

502 S Prairie St. Jacksonville, Illinois (Pictures Below)

4 Beds 2 Baths - 1530 sqft. - Lot: 7840 soft.

Payment Details: (Cash or Seller Finance)

Cash: - $15,000

Seller Finance: - $17,000

- $5K down payment

- Loan Amount $12,000 

- Loan Term 4 yrs 

- Interest Rate 6.00% 

- Monthly Payment $282

Comps:

Since the property is pretty much gutted on the inside you can mold the bed, bath and floor plan pretty much to your liking. As such there is a 3/3 property that sold for $130,000 that had some light rehab done according to the pictures. Alot of the homes around the college campus which have had some rehab are selling between $100,000 - $130,000. You can also click the links to see the comps yourself:

$130,000 (528 Rosedale Blvd) $86/sqft

$126,000 (17 Greenbriar Dr.) $77/sqft

$110,000 (861 W State St) $64/sqft

$110,000 (1008 Grove St.) $62/sqft

Avg Sqft = $72.25 x 1530sqft = ARV $110,542.50

Fix & Flip Numbers:

ARV = $110,542.50

Repairs = $50,000

Oops/Misc. = $10,000

Deposit = $5,000

Principal = $10,000

Interest = $1,272.81

Rental Numbers:

Monthly Payment (Seller Financing) = $282/month 

Total Invested (Repairs + Buy) = $65,000

Gross Rents Based on Market = $1003/month (3+ Beds)

Utilities Paid by Landlord = $100/m

Landlord Insurance = $60/m

Net Rental Profit = $561/m

Cap Rate First Four Years = 10.36%

Cap Rate After Four Years = 15.56%

CALL NOW: (720) 903-3600 Ext: 217

Thanks!

Austin Faux - Executive Director of Operations

Miracle Real Estate Group, LLC

P.S. Here's some pictures of the property below: