- 2100+ Square feet
- 2 bed + 2 bed units
- Distressed investor sale on MLS
- $30,000 purchase price
- <$7,500 rehab cost
- $708 monthly NOI
- 22..69% ROI
- $55,000ARV (~$17,500 in net equity after rehab)
It was obvious to us that this property would be a great money maker, however we were not sure how much of one it would be till we were able to have a full inspection. Unfortunately this wasn’t possible during the bidding phase and we took it as-is. The hope was to get in with less than $2,500 of repairs, however we quickly blew past that when a major roof leak was discovered requiring most of the roof to be replaced.
Even with the unexpected costs we were able to tenant one unit immediately as one unit was in rentable condition at purchase. A little over 2 months into the purchase and the roof is replaced and both units are producing income. We would love to have a dozen of these properties but will take what we can get.