The properties only had one tenant meaning that Tenant has been in that property for 54 month’s.
The rehab on this property was approximately $19,000. Let’s look at the income let’s look at what we deposited in the owners account
2020 there was $8657 net
2021 there was $12,091 net
2022 there was $6730 net
2023 there was $5596 net
2024 there was $7392 net .
For a total total of $40,465 so far for this property.
We had to replace the heater and some plumbing which would be taken care of but this particular property doesn’t have the warranty on it. But if it did, it would save this investor a lot of money. The good news is they still made a time of money
The rents were increased in 2022 $1250 a month and in 2023 they were increased to $1300 a month.
We will be increasing the rent to $1350 a month at the end of this year.
Let’s look at what the properties worth today per MLS
The property comps at $195,000
Let’s look 👀 at the blended return
Rent $40,465 + $195,000 - $95,000= $100,000
Net total approx net return $140,465 or a 30% return
Call me (Brett) 216-703-5740 Key Realty and Property Management
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Thank you