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We purchased this property February 2022 for $262,000 for a client in California that wanted this area only. The property was already updated, and we did no work on the rehab.
We leased this property for $2200 a month in March 2022 and the 1st tenant stayed for 28 months Let's look at the approx. income of this tenant. There were 0 repairs during this tenant's stay. Lease $2200 Tax $287 Insurance $60 P/M $125 Net $1728 x 28 months = $48,324 The Second Tenant moved in at the same amount of $2200 a month. This property was in a very nice area and the rents are higher and will go higher. Let's look at the approx. numbers on this tenant so far. We had to add approx. $1000 in rehab to get the property back on the market. Remember better tenants less rehab. The 2nd tenant moved in March 2022 and is still there. Let's look at the approx numbers on this tenant who has lived there 7 months and only $400 in repairs during that time. Lease $2200 Tax $338 Insurance $60 P/M $125 net $1677 x 7 months = $11,739 Total Approx income $60,063
Approx value Today 8/10/24 $325,000
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