I have owned this place for about 10 years. Been a great rental. Have a good tenant in place who has been there about 4 years - wants to stay.
Just passed Section 8 inspection so good to go for a year.
Upgrades to home include new flooring, roof, main water line replaced,
Home has been well maintained.
Section 8 pays $950 - tenant pays $145.
I am a realtor so no inflated ARVS . Comps are from same elementary school so very close by, approx same sq ft, and within last 6 months.
|$158,000||S||3011 Park Creek Court|
|$150,000||S||735 Kibbe Circle|
|$149,000||S||1231 Buttercup Court|
|$141,500||S||1112 Casanova Court|
|$140,000||S||3150 Jorden Crest Court||Copperfield|
|$132,500||S||910 Park Creek Circle|
|$128,000||S||3126 Meadow Wood Court|
The cheaper comps are not newly renovated. If I were renovating this home, it would be done at a higher standard of all of these comps and likely would sell for $150k at least. Perhaps $160k
I would spend about $20k on granite, new floors, bath tub, landscaping.
If I do list on FMLS it will be listed as is at $135k.
I am listing this outside of FMLS to investors only so as not to disturb tenant and make this as simple as possible. No sign/No lockbox. No commissions/As is - no repairs.
Access granted only after contract has been accepted.
Can share contractor who knows home well and has been working on it since I purchased it.
DO NOT TRY TO ACCESS HOME DIRECTLY WITH TENANT. I WILL NOT SELL TO YOU IF YOU DO THAT!
Email me at [email protected] for pics and more details.
Hi, please send me information on this property. Thank you
This property does not make financial sense at the price you are asking for it. I ran a 'Napkin' on the property and here's what played out...Do you agree?
|Property Name:||sec 8 unit||Property Name:||sec 8 unit|
|Address:||Lawrenceville, GA||Address:||Lawrenceville, GA|
|Purchase Price||$119,000||Purchase Price||$65,000|
|Cash to Close(15%)||$17,850||Cash to Close||$9,750|
|Monthly Rent||$950||Monthly Rent||$950|
|Prop Taxes (3%)||$99||Prop Taxes||$99|
|Prop Mgmt (10%)||$95||Prop Mgmt||$95|
|Vacancy (10%)||$95||Vacancy (10%)||$95|
|Repairs (5%)||$48||Repairs (5%)||$48|
|Total Expenses:||$1,213||Total Expenses:||$845|
|Mo Cash Flow:||$(263)||Mo Cash Flow:||$105|
|Annual Cash Flow:||$(3,150)||Annual Cash Flow:||$1,256|
|Annual NOI||$6,560||Annual NOI||$6,560|
|CAP Rate:||6%||CAP Rate:||10%|
|COC Return:||-17.6%||COC Return:||12.9%|
im very interested in your listing please contact me at [email protected]
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