McKeesport Cheap’n Ready Rental!
Long-term tenants on annual lease. They pay $350/month + all utilities. Surely it’s low but it still holds a cap rate over 12% today & that’s assuming you’ll actually put $1k into annual repairs.
- wiring (every millimeter is brand new)
- gas line
- copper water service line
- plastic plumbing inside & out
- kitchen faucet
…everything is in good shape except the exterior .. you will see it is pretty rough!
Nice & private without neighbors. AnD Property will be sitting proudly in a sea of woodlands soon enough since the house next door seems it’s going to be torn-down!
We all know the comps obviously are not going to be a shiny selling point, but you will certainly be able to sell it for more than you paid for it!
Tenants are fine as the property sits so just scoop it up & collect some monthly $$!
Down the road if you update it: $775 market, over $1k sec.8 if LL pays all utilities.
- Taxes: $440
- Electric: Brand new
- Plumbing: Updated
- Kitchen: Needs updating
- Bath: Needs updating
- Roof: 12-14 yrs old
- Furnace: 2 yrs old
- Hot Water Tank: 2 yrs old
- Windows: Mixed
- Floors: 2
- Parking: On-street; PLENTY
- Rental Income: $350/mo+all utilities