We purchased this property in January 2021 and Leased in April 2021
Look at the Fast Income and Details:
- Property purchased in February 2021 for $90,000, with an additional $11,100 invested in updates.
- A $8,090 remodel after 3 years resulted in a rent increase to $1500 per month, leading to a quick leasing in just 10 days. Happy Investor indeed!
Let's delve into the latest approximate numbers:
- Rent: $1500
- Taxes: $200
- Insurance: $60
- Property Management: $125
- Net Income: $1115
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Acquired for $90,000 in February 2021 with $11,100 in renovations, totaling $101,100, this property has shown significant growth over the years. Here's a breakdown of the financial journey:
- Initial Rental Income: $1100
- Taxes: $103
- Insurance: $60
- Property Management: $88
- Net Monthly Income: $849
- Annual Income: $10,188
After investing an additional $2000 in updates and welcoming a new tenant in May 2021 at $1200 rent, the numbers evolved:
- Revised Rental Income: $1200
- Taxes: $142
- Insurance: $60
- Property Management: $92
- Net Monthly Income: $906
- 15-Month Income: $13,590
Further raising the rent to $1250 in October 2022 led to these adjustments:
- Updated Rental Income: $1250
- Taxes: $199
- Insurance: $60
- Property Management: $100
- Net Monthly Income: $891
- Annual Income: $10,692
With a subsequent increase to $1300 in 2023, the latest figures show:
- Latest Rental Income: $1300
- Taxes: $200
- Insurance: $60
- Property Management: $125
- Net Monthly Income: $915
- 10-Month Income: $9,150
Considering total net proceeds of $43,620, including repair costs of approximately $4500 over nearly four years, the net income now stands at $39,120. The MLS estimates the property's value at $199,000, indicating an equity of around $98,000 alongside rental income.
The grand total reflects an impressive $137,120, with an approximate 30% blended return.
Contact Brett 216-703-5740 Key Realty and Property Management
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