Triplex in Spokane, WA Available for assignment

[Jacob Evans]

Details on this triplex are below. 

Contract available for assignment or partnership.

Feel free to call or text me for more details. 509-413-6539

If interested in seeing the inside I'll be touring the property later this week!

After securing 4% conventional financing this property should generate about $1,200 per month in cash flow from a total initial cash down payment of roughly $20k after an anticipated appraisal of $180k+- (144k loan)

= 72% annual cash on cash return.

Google Map

County Info

Rentometer Rent Estimate - for 1 bedroom

Best Comp - (sold Dec 16' for 170k) Needed repairs, below market rents, 3 blocks away from subject property, NOT on a park.

Comps - All comps are 3 & 4 unit properties, within a 1 mile radius, within the past 18 months. Pay close attention to condition, gross rents and "sold price", obviously.

Search radius below:

Property:

Address: 5008 N Nelson St Spokane WA. ***Do not disturb occupants.

Purchase Price: $150k Rehab Costs, est: $5-15k (Rent grade. I have not viewed the interior yet. Seller says the 2 bed unit has been updated and the other two 1 bed units will need cosmetic updates. All are currently occupied)

After Repair Value, est: $170-190k

Gross Rent, est: $1,800 (rentometer places rents around $635 for a 1 bedroom, which seems high)

Cash Flow, est: $1,200

1 Yr Cash On Cash Return, est: 72% (assuming out of pocket expenses of $10k purchase/closing costs and $10k rehab after refinancing with a $180k appraisal (144k loan).

Closing Date: April 19th, 2018, or sooner (flexible).

Notes:

- Spokane County is currently experiencing vacancy rates of less than 1%.

Property Stats:

Directly across the street from Kehoe Park and an elementary school.

One, 2 bed unit upstairs. Two, 1 bed units down. Zoned Triplex. 2,000 above grade square feet and a partial basement.

- The upstairs 2 bedroom unit is on a lease for $515 until December, but the seller says he's very easy to work with and would likely agree to a price increase.

- The other two, lower units are 1 bedroom each at $400 & $410 and are on a month-to-month lease due for a price increase ($1,325 gross rent, currently).

- Shared laundry access in the basement.

Projected Rental Info, est.:

2 bed: $700

1 bed: $550

1 bed: $550

Total: $1,800

Exit Strategy:

These are family legacy properties!

I wouldn't sell these off for nothin!

Raise rents, rehab if needed, refinance and collect cash-flow through retirement and then pass it along to loved ones to do the same.

To secure this deal please complete all of your due diligence and deliver or wire $2,500, non-refundable, earnest deposit.

~Happy Hunting!