Updated almost 9 years ago on . Most recent reply
Cashflowing Turnkey Property with Tenant
I'm working on finalizing a contract for a SFR that I intend to wholesale but the property has a tenant with a lease that doesn't expire until 2018. Before final execution of the contract, I would like to hear from Buy & Hold Investors that invest in the Chicago, DuPage, and Kane County areas, that might be interested or not interested in purchasing a property that is occupied with tenants. The tenant is timely with rent, maintains the property well, and overall is a great tenant. Here are some of the numbers and general info:
County: DuPage
City: Villa Park
Transportation: 5 minutes from Metra station
School District: Lombard District 45
4 beds, 2 bath, 1,200SF, Split-level with 2-car detached garage (*New roof, new A/C and furnace, newer vinyl siding)
Sale Price: $185,000
FMV: $225,000 (current condition, no repairs)
Current rent: $1,750
Taxes: $5,350/yr
Other Expenses: $1,800/yr (5% Capital Exp + $750 Ins)
NOI: $13,850/yr; $1,154/mo
Cash Flow: $5,257/yr; $438/mo (assuming 20% down, 30yr fixed @ 4%)
Thank you!
Josh