1568 Parker Mayfield Heights Ohio Income Results

 

Before Pictures 

After Pictures 

This property just was leased for $1700 a month. This is the third tenant and the property was purchased for $105,000 in Dec 2021. The rehab was $13,275 for a total of $118,275.

Let's look at the approx numbers 

Rented May 2022 $1350 a month Approx Total net rent deposited in owners account $8,850 this tenant stayed for 12 months 

In 2023 the lease was raised after a new tenant moved in to July 2023 $1550 a month in 2023 Approx Net rent deposited in owners account $9,370.

This was a great tenant that wanted to stay but the owner thought that they wanted to sell the property. So this excellent tenant moved out and the owner then changed his mind. The approx net collected in 2024 is $4,231 (replaced a furnace) 

Good news we updated the property after the tenant moved out for $1000 and here is the new numbers on this tenant 

Lease $1700 Tax $269 Insurance $60 Property Management $125 Net $1,246 or $14,952 a year

This property has rents that will continue to go up and the value of this property is Approx $215,000

Let's look at the total picture Approx Net proceeds deposited in owners account $22,451

Purchase Price $105,000 Rehab $13,275 Rehab after tenant move out $2,500= $120,775

Worth Approx $215,000-$120,775= $94,225 Equity 

$94,225+ Net rent $22,451= $116,675

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