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This Property was originally purchased as a wholesale deal. It was purchased for $80,000 before rehab. There were many issues on this property the buyer did not know about.
The big one was the basement repair that was needed and the Roof needed to be replaced.
After the rehabbing was finished the investor got another property manager (not ours) and they lost money for this client.
The client called for my assistance. We leased the property in Feb 2023 for $1500 a Month. That tenant stayed for 12 months.
We leased the property to another great tenant with $500 repairs for $1550 in March 2024. The father passed away and they had to move out no eviction they also paid rent while moving out.
After 2 1/2 years we needed to replace the other 1/2 of the roof and other repairs for $8,000. The owner wanted to sell the property without doing any work to it. Sell it as is.
So we handled the sale of this home and sold it in 2 Days for $165,000.
We just re-leased the property for $1700 a month to a new and excited tenant that we used to manage. Let's look at the approx net proceeds on the lease only. I did not buy the property or rehab it so I do not have those numbers
2023 $10,546 was deposited we paid
2024 $4,000 (5 Months)
Total of $14,546 deposited in 17 Months.
We leased the property to an old tenant at $1700 a month
Let's look at the new approx numbers
Rent $1700 tax $255 Insurance $60 P/M $125 Net $1260 or $15,120 a Year
Need income? Contact Brett 216-703-5740 Key Realty
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Thank you