I personally purchased this property for $120,000 in June and Leased it after rehab for $1450 a month. This property had already been leased for 24 months at $1200 a month. Let's look at those numbers.
Rent $1200 Tax $225 Insurance $60 PM $120 Net $790 $790 X 24= $18,960 was the total take minus slime minor repairs during the stay.
The amount of repairs we approx $2000 for the 24 months
The Purchase price in 2021 was $80,000 and we had $15,000 rehab making a total of $95,000. The client wanted to capture the equity without rehab and as is at $120.000.
I paid that and the client was instructed that with work the property was worth $165.000.
The client is making approx $41,890 on this deal.
I rehabbed it and leased it out in Aug 2023 for $1450 a month.
Lets look at my numbers Lease $1450 Tax $225 Insurance $60 PM $125 net $1094 I also captured the equity of approx $45,0000.
This is how real estate works for investors making money in many different ways with each property... Need to sell you as is property?
Call me (Brett) 216-703-5740 or
WhatsApp me Fathom Realty
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Thank you