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This property was given to us after a bad property management issue. When we took over we leased the property in 10 days for $1200 in April 2019. That tenant stayed for approx 37 months.
Let's look at the Approx Income
Lease $1200 Tax $350 Insurance $60 P/M $96 Net $694 X 30 = $20,820
The property taxes were Lowered to $266 a month. Let's' look at 2022
Lease $1200 Tax $266 Insurance $60 P/m $96 Net $778 x 6 = $4,668
The seller had us move out the tenants because they wanted to sell the property in 2023. I rehabbed the property and had it under contract for full price $130,000. The seller looked at their books and decided not to sell the property. We released the property for $1450 in February of 2023.
Let's look at those approx numbers
I have income statements on what was deposited in the owners account for 2023 and 2024
2023 the net proceeds deposited in owners account $10,183.38
2024 the net proceeds deposited in owners account $10,343.76
That is an approx total of $46,015.14 deposited in the owner's account.
The reason no increase on the rent is the tenants cannot afford more for now. This owner is ok with that because the tenants have been in the home for 24 months.
Property management is everything in real estate and this is more proof!
Contact Brett 216-703-5740 Key Realty and Property Management
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Thank you