1st Closing @ 67% Cash ROI

[Edouard Pierre]

I just closed on my first 2flat (duplex for non-Chicagoans)! I'm pretty excited about this deal. I found an investor that's eager to unload his investments due to his want to redistribute his cash elsewhere. The property is a very much appreciating area where a lot development is on the way (grocery stores, coffee shops, etc...) and a huge $50mil city revitalization program. The property is pretty much completely rehabbed with central air, new kitchens, new bathroom, new porch, tear off roof in 2013, tuckpointing done in 2015, new windows, new concrete slab in the back, and new privacy fence, etc...

I was perplexed from the beginning on how good this deal was but many it's because I'm so excited about getting my feet wet in REI!!! I'm currently BRRRR-ing my own place as well. Let's get on to the numbers and onto the next deal!:

PP: $59,000

Closing Costs: $1650

Repairs: $5000 (buff floors and touch up paint)

Monthly Expenses (including 10% management): $1261

Monthly Income: $2450

NOI: $17419

Pro Froma Cap: 26.8%

Cash on Cash ROI: 67.27%

MONTHLY CASHFLOW: $1188.52