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This property was purchased in May 2021 for $110,000 and the rehab was $24,500 (Got a new roof and drain line). The total on purchase and rehab was approx $134,500
We leased this property in Feb 2022 for $1400. The rehab was extensive and we had a lot of work to do to get the property in the condition to create profit. We have lifted the rent to $1450 a month and will be moving to $1500 early next year.
Let's look at the money that was deposited in this owner's account after expenses
2022 $11,650
2023 $11,238
2024 $11,387
Total cash deposited $34,275
Let's look at the approx worth of this property today based on the MLS Comps is $205,000
The approx overall picture for profit on this property is as follows
$205,000-$134,500= $70,500 + Net cash deposited $34,275= $104,775
That is a 31% return on this client's money!
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