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This property had not been leased for about three months and was in a great area and it was a great property. The date was October 2019 when we took over this property. The property was purshased this property for $81,000 in 2019. The rehab was approx $20,000 fro a total of $101,000
Our Property Management was called into solve the problem for this client.
We listed the property and had at least in nine days for $1350 a month. The same tenant is still there today. We’ve had approximately $1000 and repairs over the last almost 5 years.
Let’s look at the approximate income for this property
Rent $1350 tax $324 Insurance $60 Property Management $108 net $858 we had it at that amount for the last 53 months
We raise the rent in April 20 2024 for $1550 a month. Let’s look at those approximate numbers.
Rent $1550 Tax $320 Insurance $60 Property Management $125 net $1045. We’ve had that for the last six months I’ll look at the totals on this one.
$45,474 for the first rent. In the last six months total is $16,170 minus the $1000 repairs gives us an approximate total of $60,644
That’s why it’s important to have the best property management available. Shor we’ve had some issues with these tenants, but our owners never knew about it and we took care of it and the numbers prove that we work well with, making the most out of each property we manage.
This clients wants to sale. The Approx work needed to get top price is approx $40,000.
The property is worth $235,000-$255,000.
Let's look at the approx profit
$235,000 (low comp) - $101,000 (cost of home and rehab) - $40,000 (Approx rehab neeed) = $120,000 Equity
Approx profii
$235,000 - $14,100 (closing cost and commissions)
$120,000 - $14,100 (closing cost and commissions) + 60,644 (rental income) = $166,544 approx net profit
That is a approx 28% return
Need better real estate with exceptional results?
Call me, Brett 216-703-5740 or WhatsApp me I’m with Key Realty and Property Management
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Thank you