1860 Beacon house for sale / Off-Market
The current owners only purchased the house 6 months ago, so there is limited data. They did a bunch of renovations (about 100K in total), including gutting both bathrooms and kitchen, adding some hardwood floors, ripping out ceilings to expose original beams and creating some custom wood pieces (bench & bookshelf in the main room).
Since they began by renovating the house, there is only limited data as to the income-generating potential...
June: 13 Days Occupied
Gross revenue: $6171
Net operating costs: mortgage $2027 and utilities: $400 (gas, water, electric)
July: 15 Days Occupied
Gross profit: $7376
Net operating costs: mortgage $2027 and utilities: $400 (gas, water, electric)
Owners pulled data on comparable Beacon houses and their house from AirDNA (link here). The projection is under what they're currently making; it looks like they will gross $85K once a full year of renting is complete.
After the estimation of their yearly expenses (with, of course, higher utilities in the colder months, etc), owners estimate their NOI will be ~ 55K.
Asking $650K. If all their projections are correct, it seems to me this would be a great deal for an investor.