Turn Key Duplex in Greater Seattle Area Near Tacoma (Milton, WA)
*A friend asked me to post this for him. Please PM me for more information if you are interested. Financial numbers are estimates posted for your convenience. Buyer to verify all information to their satisfaction.*
Summary: Looking for a solid buy and hold investment that roughly hits the “1% rule”? Look no further! This turn key property consists of a 3 bedroom house and a detached 2 bedroom house in the back on a .37 acre lot in Milton, WA. The great set up and commuter-friendly location, with quick access to I5 and Highway 99, make these units easy to rent! Raise the rents to market rates and watch the cash flow in! Leases are up in October and November. Seller recently replaced the floors and repainted the interior.
Financial Analysis:
Current Rents; [Est. Market Rents]: $2500; [$3050]
- 3BR/1BA unit - $1350; [$1740]
- 2BR/1BA unit - $1150; [$1310]
Purchase Price: $315,000
Down payment (25%): $78,750
Closing Costs: $9,450
Total OOP: $88,200
Debt Financing ($236,250 loan @ 4.75%): $1232
Estimated Total Monthly Expenses: $1008
- Taxes: $234
- Insurance: $90
- Vacancy (5%): $153
- CAPEX/Repairs (12%): $366
-W/S/G: $165
- Electricity: Tenant Pays (Separately Metered)
NOI (Market Rents): $2043
Monthly Cash flow: $811
Annual Cash flow: $9,726
CoCROI (Market Rents): 11.03%
