This property was purchased 11/09/20 and it is located in Cleveland Ohio. The property needed some work . We purchased this property for $80,000 and had to add $12,250 in rehab for a total of $92,250 to get this property finished and ready to lease.
This property has had 1 tenant for the last 3 years. This saves this client a huge amount of money by not having tenants move in and out.
Think about the rehab that would have been needed with 6-12 month tenants? The cost would be Approx $6,000-$10,000 to get the property refreshed every year. Basically $3,000-$5000 a lost tenant. That comes off your bottom line.
That is why it is so important to have real estate that tenants want to stay and make their home in.
Let's look at tha Approx numbers for the last 3 years
This property has netted $30,856 in our clients bank account. The appreciation which is the equity part is about $60,000. The home would sell for $155,000-$160,000 with some rehab.
That is a great property that is creating wealth for this client with consistent income and growing equity.
Need this kind of real estate in your portfolio?
Call me (Brett) 216-703-5740 Fathom Realty or WhatsApp me
Great Property Management go to Propertymanagementcleveland.com
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Thank you