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$244,900

For Sale - Active
11 Gibbs St Unit C40, Worcester, MA 01607
2 Beds
2.0 Baths
942 Square Feet
0.00 Acres Lot
Built in 1986
For Sale - Active
Units n/a
Checked: 9 hours ago
Updated: Apr 29, 2025 at 03:03AM

Investment Summary


Monthly Cash Flow
-$349
Cap Rate
4.0%
Cash-on-Cash Return
-7.4%
Debt Coverage Ratio
0.70
Internal Rate of Return (5 years)
-3.2%

Property Description


0.00 Acres Lot
Built in 1986
For Sale - Active
Units n/a

Clean and well maintained, move-in ready 2-bedroom, 2-bath condo at Wyndemere Heights! Vinyl floors throughout and in-unit laundry with a stackable washer and dryer. The kitchen is clean & updated and opens to the spacious living room. The primary suite includes a private full bath and large closet. Each unit includes 2 parking spaces: 1 assigned and 1 unassigned as well as additional storage in the lower level. Conveniently located close to Rt. 146, I-290, and the Mass Pike, with easy access to WPI (~9-minute drive), the College of the Holy Cross (~8-minute drive), and local shops and restaurants. Great for 1st-time buyers, investors, and professionals not looking to break the bank. Easy to show just need 24 hours notice out of respect for the tenants!

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Location


Property Details


Parking

  • Garage Spaces: 0
  • Spaces Total: 1

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Combination
  • Roof Type: Gable
  • Roof Material: Shingle

HOA

  • Has HOA: Yes
  • HOA Fee: $360/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: WORCM:31B:016L:0C40
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1986

Tax Information

  • Annual Tax: $2,510

Utilities

  • Water & Sewer: Public
  • Heating: Electric
  • Cooling: Window Unit(s)

Location

  • County: Worcester

Investment Summary


Monthly Cash Flow
-$349
Cap Rate
4.0%
Cash-on-Cash Return
-7.4%
Debt Coverage Ratio
0.70
Internal Rate of Return (5 years)
-3.2%

Purchase Details

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Purchase price:
$244,900
Amount financed:
-$195,920
Down payment:
$48,980
Closing costs:
$7,347
Rehab costs:
$0
Initial cash invested:
$56,327
Square feet:
942
Cost per square foot:
$260
Monthly rent per square foot:
$2.12

Financing Details

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Loan amount:
$195,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,159
Property tax:
$209
Insurance:
$140
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,508

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,000 $24,000
Vacancy loss: (6%)
6% -$120 -$1,440
Operating income:
$1,880 $22,560

Operating Expenses


% Rent Monthly Yearly
Property taxes: (10%)
10%-$209-$2,510
Insurance: (7%)
7%-$140-$1,680
Property management: (8%)
8%-$160-$1,920
Repairs & maintenance: (5%)
5%-$100-$1,200
Capital expenditures: (5%)
5%-$100-$1,200
HOA fees: (18%)
18%-$361-$4,332
Total operating expenses: (54%)
54%-$1,070-$12,842

Cash Flow


Monthly Yearly
Net operating income:
$810 $9,720
Mortgage payments:
-$1,159 -$13,908
Cash flow:
$349 $4,188