I am looking into an off market deal in chesterfield court community in Richmond Virginia.
Home is $90,000
Rental is $1100-1200 month
Home is in very good condition - does not require any capex at this time.
MOrtgage / interest / taxes $400.00
Property manager $90
Capex - $110
Vacancy - $110
Cash flow - $280/month
Renter pays all utilities including water and sewer.
Down payment closing costs - $24,000
looks good to me
Are these pro forma numbers or real?
looks similar to a deal I did in chesterfield. I'm guessing it's a 3/2?
Good luck with it!
M.I.T are real
Property mgmt real
Rental income is real
Vacancy, capex and maintenance are 10%
9% Cap Rate, 14% CoC
Looks like a solid deal to me.
It looks like a good deal.
Numbers look solid, but I am typically suspicious of no CapEx required kind of deals. Even the clean whistles need a shine once in awhile.
Are you planning to do an inspection?
I would absolutely do an inspection. The homeowner also has a 2-10 warranty which I have had in past.
You are correct as this is what I was told, I have not viewed the property yet but wanted input from others to really see if it was worth pursuing