12% Cap and $360 Cash Flow w/ full Section 8 tenant in place!
Purchase Price: $74,900
Rent: $965
Taxes $1,925
ARV $85,000
Repairs $0
Monthly cash flow: $367 (assuming 80/20 loan at 6.5% and $700 annual insurance)
Cap Rate: 12%
12% Cap rate on this buy-and-hold in Stone Mountain in Dekalb County, GA. There is a Section 8 tenant already in place with the full rent amount being paid by Section 8. That means no chasing down late rent payments, instead they are direct deposited into your account every month! Property management is in place as well, or you could manage it yourself.
Only exterior photos because house is occupied. There is an inspection period to view the inside for potential buyers scheduled for this Friday afternoon (March 10).
Private message me for full address and inspection times.
House details:
3/2.5; 1560sqft; built 1980; 1 car garage; unfinished basement; vinyl siding; county sewer
Comps:
5522 Marbut Rd. Lithonia, GA 30058 sold 1/31/17 $93,500
5306 Scotland Round Stone Mountain, GA 30088 sold 10/27/16 $85,000
2065 Mallard Crst. Lithonia, GA 30058 sold 11/6/16 $84,000
2118 Scarbrough Dr. Stone Mountain, GA 30088 sold 9/28/16 $82,500
HOUSE IS OCCUPIED. DO NOT DISTURB TENANT.