Turnkey Rental (use for Buy n Hold/Rental)
This property is a 6-plex. It is two separate buildings with 3 units per building. Front unit has (1) 3br/1ba, (1) 2br/1ba, (1) 1br/1ba. Back unit has (1) 2br/1ba and (2) 1br/1ba.. That makes this property a 10/6. It has been gutted and needs to be completed.
There are 6 sets of cabinets, sinks, appliances, bathroom vanities and fixture, toilets and light fixtures that are already purchased. It all comes with the property and are brand new, still wrapped and on pallets. That's almost $15,000 worth of stainless steel and stuff!
There are family issues going on and the completion of the rehab cannot be finished. This loss is your gain as the cap rate is 13.16%!
The estimate came from a GC with repairs about $80,500. About a mile off of I-40, this property will be a cash-cow for you.
Owner financing is an option and you would need to call me to discuss this.
We have equitable interest in this property and we are selling the contract.