Long Term Rental Renovated to add $500 cash flow
I purchased this Cave Creek, AZ property in May of 2019 for $280,000. There was a tenant in-place paying $1475 a month which was a little better than a break even deal with the cash flow being about $100 a month. The tenant moved out in the end of 2020 when we decided to take on a complete renovation to boost rents. The project cost about $32k and took just over a month. Property is currently being marketed for a new tenant at $2100 a month. Increase of $625 a month in cash flow! Plus the new market value is right around $365,000.
