This property was purchased in July 2020 and leased in Sept 2020. Let's look at the rental numbers on this property.
There was almost no maintenance over the last 3 years on this property.
Approx Numbers prior tenant Rent $1300 Tax $225 Insurance $60 PM $125 net $890
Leased for 38 months $32,040 in lease after taxes,insurance and property management
Let's look at the projected new numbers after $8,050 updating. That's only $2.000 a year. Great properties get great tenants that take care of their property.
Approx Rent $1450 Tax $225 Insurance $60 PM $125 net $1040
That is a $1800 a year increase on the lease and the Equity is approx $100,000.
They say time is money and that is very true with real estate.
Call me (Brett) 216-703-5740 Fathom Realty or WhatsApp me
I partner up with Avalon Group Realty to do all the property management
Call Lori 440-695-3379
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Thank you