Midwest *Ground-Up* Turnkey #7

[Marie McLean]

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

• under contract, inspected, iron-clad rehab costed out
• buyer takes title directly for stated turnkey price
• save: only one set of closing costs
• our Scope of Work doubles as a contract
• we will tenant and manage, unless buyer prefers another arrangement

Solid Cashflow in Prime Rental Area in Moline IL

• 1 car garage, built 1910. 
• Closing date: 12/30/15
• Price: $33,000
  Rehab: $42,000
  Carrying Costs: $1,000
  Closing Costs: $2,000
  Total Turnkey Price: $78,000
  ARV: $85,000 

Photos

Scope of Work

Tenant Criteria and In-house Property Management

Rental Projections

• Monthly Rent: $975
• Taxes: $201
• Management: $78
• Vacancy Reserve: $49 suggested
• Insurance: $81
• Maintenance Reserve: $49 suggested
• Net: $517
• Monthly x 12: $6,204
• Strictly Cash on Cash ROI: 8.27%

Financed/Refinanced 75%

• Down Payment: $18,750
• Mortgage Interest Rate: 5%
• Mortgage Amortization: 25
• Mortgage Monthly Payment: $328.83
• Net Cash Flow Less Mortgage: $188.17
• Net Net x 12: $2,258
• Financed Cash on Cash ROI: 12.04%

COMPS

1837 15th St Pl Moline ~ Sold 85K 8/15 (48.05)

• 4/1.5 1769 sqft
• 2 story frame built 1902
• unsure of garage/basement
• .1 mile away

2109 15th St Moline ~ 92K 12/14 (46.61)

• 5/2 2356 sqft
• 2 story frame built 1904
• unsure of garage/ basement
• .3 miles away

1615 21st Ave Moline ~ Sold $99,900 7/15 (68.52)

• 4/2 1458 sqft
• 2 story frame built 1905
• unsure of garage/basement
• (Granite/upscale finishings)
• .1 miles away

Comps on a Map