Side By Side Duplex in Kalamazoo, MI $35,000
This is a true side-by-side duplex with 3 bedrooms and 1 bath in each unit. This is the true definition of a value-add property. This side by side duplex will need a complete rehab, but once finished it will bring in amazing positive cash flow. Each side has 3 bedrooms and 1 bath, large living room, dining room and spacious kitchen. All 3 bedrooms are upstairs as well as the full bath. Both units have large full basements. The property has newer vinyl windows but will need pretty much everything else. It will need new furnaces and water heaters. The roof is about 10 years old and still in good condition. It needs new exterior siding as the old composition siding is rotting. Inside it needs updated kitchen and baths, paint and flooring. But after all those repairs you will have an amazing duplex under $100,000. We estimate it will need 40-50k in repairs. After repairs are done, it should bring in $1600-$1700/month in total rent. Property is located walking distance from downtown Kalamazoo and a few miles from Western Michigan University and Kalamazoo Community College. If you are interested in this property, give me a call today at 616-251-1183 or email at [email protected]. Don’t forget to visit our website at www.respectedhomesales.com to sign up for our VIP buyers list and get notified on all our new properties
Purchase Price:-$35,000
Est. Rehab:-$45,000
Total Investment-$80,000
Potential monthly Rent-$1,600
Potential Annual Gross Income-$19,200
Estimated Monthly Expenses
Taxes- $113/month ($1,353.88 yearly)
Insurance-$65/month
Vacancy-$80(5%)
Cap Ex-$80(5%)
Repairs-$80(5%)
Management-$128(8%)
Total Expenses-$545.83
Monthly Cash Flow-$1,054.17
Pro Forma Cap Rate-12.65%
NOI-$12,650