Midwest *Ground-Up* Turnkey #12
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
No maintenance guarantee for 6 months after tenants move in. This property is 2 blocks from Palmer College of Chiropractic. It will have all new drywall, insulation, electrical, new cabinets in both units. New everything as the property is gutted to the studs.
Details: no garage, built 1900. Utilities Separate, Closing date: end Jan. 2016
- Price: $48,000
- Rehab: $52,000
- Carrying Costs: $1,000
- Closing Costs: $2,000
- Total Turnkey Price: $103,000
- ARV: $110,000
Trulia
Rental Projections
- Monthly Rent: $1400
- Taxes: $49
- Management: $112
- Vacancy Reserve: $70 suggested
- Insurance: $70
- Lawn/Snow: $60
- Maintenance Reserve: $70 suggested
- Net: $969
- Monthly x 12: $11,631
- Strictly Cash on Cash ROI: 11.63%
Refinanced 75%
- Down Payment: $25,000
- Mortgage Interest Rate: 5%
- Mortgage Amortization: 25
- Mortgage Monthly Payment: $438.44
- Net Cash Flow Less Mortgage: $530.84
- Net Net x 12: $6,370
- Refinanced Cash on Cash ROI: 25.48%
COMPS
521 w 8th St Dav. ~ Sold $128K 5/15 (49.96)
- Triplex 4 Bed/ 3 Bath 2562 sqft
- 2 story frame built 1900
- garage/ unsure of basement
- .1 mile away
2517 Hickory Grove Rd Dav. ~ Sold $128K 5/15 (66.88)
- Duplex 4 Bed/ 2 Bath 1914 sqft
- Ranch Frame/brick built 1967
- 2 car garage/ basement
- 2.5 miles away
2239 w 46th St Dav. ~ Sold $105,500 9/15 (49.76)
- Duplex 4 Bed/ 2 bath 2120 sqft
- 2 story frame built 1976
- no garage/ basement
- 4 miles away
Comps on a Map:
Offering