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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.
Only 1 Tenant in this property. This tenant has been there 48 months
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
2025 $11,509
Total cash deposited $45,784
Let's look at the approx worth of this property today based on the MLS Comps is $250,000
The approx overall picture for profit on this property is as follows
$250,000-$134,500 (cost of purchase abd rehab) - $25,000 (value add needed) + $45,784 (rent proceeds) = $136,284
That is a 23% return on this client's money!
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Contact Brett Young (216) 703-5740 Key Realty 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
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