Got a call today.
The deal goes like this.
A duplex- owner just wants to get out of the landlord business has other interests.
Sale price 31k
Value is 50k
Just minor clean-up needed for tenants to move in. 1k max.
Rents for 500 per month each unit (2beds/1bath) currently vacant. Can rent within the month.
Taxes 2100 per year ( I know taxes are high but its new york can you spell L-I-B-E-R-A-L?) PS this is what happens to your taxes when you vote liberals into office. Enough political ranting.
insurance 500 per year
water 180 per year
The numbers look good to me yes?no?
<<…but its new york can you spell L-I-B-E-R-A-L?>>
I can. There is a primary and an alternate spelling:
C-L-I-N-T-O-N
and the alternate:
S-C-H-U-M-E-R (aka, Mr. Hillary Clinton)
Keith
DW,
I think you’ve found a winner!!!
Gross rents of $1,000 per month.
$500 to operating expenses, $500 to pay mortgage and for any profit
Mortgage payment $227. Positive Cash Flow $273 or about $137 per unit per month!
I would buy a deal like this!
To make it even better, purchase price plus rehab is only 64% of market value! $18,000 of instant equity!
NICE!
Mike
Thanks for the replies guys we are going to put it under contract.
Yes KD you are right. Those 2 names make me want to throw up as well as one name rangel. Why do new yorkers vote for these people I dont know. Mush brain I guess.