3801 Russell Parma Ohio Income-Sale Results

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This property was purchased in Jan 2019 for $70,000 and the rehab was $2,000 for a grand total of $72,000. This was a tandem 3 bedroom home meaning you had to go through one bedroom to get to the other...still a great deal.

This international client took 60 days to sign the listing agreement and that is why we listed it in May

The first tenant leased the property for a $1100 May 2019 and stayed 12 months let's look at the approx numbers 

Lease $1100 Tax $161 Insurance $60 PM $88 Net $791 x 12 months net $9,492

The next tenant moved in August 2020 same rent they stayed 10 months 

Lease $1100 Tax $161 Insurance $60 PM $88 Net $791 x 10 months net $7,910

The owner wanted to sell the home so that is what we did (recommend keeping home 3 years) we had to add another $1100 in rehab. 

Let's look at the approx sale numbers 

Total invested $73,100

Approx net lease proceeds $17,372  The home sold for $114,900 Seller credited $3000 after all closing cost the seller netted $100,055.13

Let's look at that approx net profit.total cost $100,055.13-$73,100= $26,955 approx net on sale

$26,955+17,372= $44,327 Approx Total net profit

Call me (Brett) 216-703-5740 Key Realty or Property Management 

Let me get your income real estate done correct..

1200+ and counting