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This property was purchased in Feb 2022 for $162,000. We had to do approx $25,000 in updates on this home.
We leased this property out for $1700 a month in 33 days. The tenant had an eviction and we did not approve the application at first. The tenant called and asked if he could pay for the full year and deposit up front?
That is $22,100 including deposit for the first year. We approved it and this is the only tenant that has been in this property since. That is 38 months this tenant has been in the property and paid their lease on time!
Let's look at the net money deposited in this client's bank account.
2022 $ 9,285
2023 $14,146
2024 $15,950
2025 $ 6,450
Total $45,831 deposited rents after expenses
Let's look at the approx value of this property is $280,000 (top dollar update could be $325,000)
$280,000 (Approx Value) - $187,000 (Cost purchase /rehab) - $25,000 (needed Updates) = $68,000 approx Equity position.
$68,000 (equity) + $45,831 (Net rent deposited in owners account) = $113,831
That is a 20% return on this investment so far.
Let's Talk
Call me, (Brett) 216-703-5740 Key Reaty and Property Management
.Mega Million Dollar Producer and Award Winning Realtor
1200+ Properties and counting
Go to https://realincomeproperties.blogspot.com/ to view what our clients make with our real estate
Need Property Management? Go to https://pmohio.org/
Go to https://www.clevelandincomerealestate.com/ for my Blog
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Thank you