We purchased this property off market in Parma Heights Ohio in 2019 for $72,000 and Added $12,000 rehab. for a total of $84,000.
This has had only 1 tenant and that means there are no rehabs that were needed for 5+ years saving his client tons of money.
We leased this property in january 2020 for $1200 a month.
The owner has not wanted to raise rent because the tenant would move out. This tenant has lived in the property 64 months and has made their rental payments monthly and they have been great tenants.
Let's look at the Approx Net Deposits in this owner's account.
- 2020 $ 9,256
- 2021 $ 9,410
- 2022 $ 8,836
- 2023 $11,360
- 2024 $ 7,841
- 2025 $ 2,006
For a grand total of $48,709
Let's look at the Approx Value $210,000 - $84,000 (Purchase and rehab) = $126,000 Approx Equity plus $25,000 update= $101,000 approx equity
$101,000 + $48,709 = 149,708 that is a 11% return on this client's money.
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Mega Million Dollar Producer and Award Winning Realtor
1200+ Properties and counting
Contact Brett 216-703-5740 Key Realty and Property Management
Go to https://realincomeproperties.blogspot.com/ to view what our clients make with our real estate
Need Property Management? Go to PMOhio.org
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Thank you