easiest passive income w/this 1; x-low investment will return for years with min. effort
Long-term tenants on annual lease. They pay $350/month + all utilities. Sounds low yet but it still holds a cap rate of 14.74% today at this price & that’s assuming you’ll actually put $1k into annual repairs.
Property always maintained!! Needs nothing at this time or in the foreseeable future: the major stuff is extremely new per a.) long-term pride in property ownership & b.) long-term landlord-tenant relationship… everything is in more than good shape mechanically & internally.
- wiring (every millimeter is brand new)
- gas line
- copper water service line
- plastic plumbing inside & out
- kitchen faucet
- hot water tank
You will see the exterior is pretty rough-looking but it has a nice back deck!! If you clean it up post-tenants w/some updates, you’re looking at a future cap rate over 30%. More if you go Sec.8. **taxes are $440.28/year!!
Tenants are good & happy and treat the property as it sits like their own, so just scoop it up & collect some monthly income 👌👌
If you update it & re-rent later on:
*over $1k sec.8 [if LL pays all utilities]
Bonus: we all know the comps obvs 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 👍 !
**if you want a similar vacant property, here is my other over there: 2610
- 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