LONG-term rental by the Yough: SFR + 5-car garage, all forever rented.
Tenants have been there 15 years; landlord never interested in raising rent ($500) since they don’t make a peep. 4 of the 5 garage tenants pay 3 months in advance; 1 pays 6 months in advance ($50/stall).
CAP as it sits today = 10%; potential = 21%.
- Again, everything rented: 2BR house+5-car garage.
- Larger corner lot; fenced & maintained landscaping.
- Brand new hot water tank. (05/05/2021; I incidentally witnessed them taking the old one out!)
- Covered front porch/sunroom + covered rear patio.
- Proximate to Myer Park & Renziehausen Park Rose Garden and Arboretum, Serra Catholic High School; walkable to restaurants/bars, groceries, pharmacy, etc.
Can perhaps put a 2nd bath in if desired someday since it was built with one initially. Can also creatively ponder a 3rd BR… the sq. footage supports it.
Full rental potential of a good $1,475. By the time the tenants move should be scraping $1k/month JUST for the dwelling. Update garage doors to get at least $75/stall, $100 more likely. Until then you can just sit back and collect the ≈10% from 6 silent tenants, 2⁄3 of whom pay 3-6 months in advance.
Realistic ARV with the garage that size is over $100k; here’s a 2/1 with a 1-car garage that sold last week for $99k:
2116 Park Ln, Mckeesport, PA 15132 | Zillow
McKeesport property values are progressively surprising; this 4/1 sold last year for $142,600:
431 26th St, Mckeesport, PA 15132 | Zillow
Certainly a deal since it was tax-assessed at $55k. Taxes will actually go down a bit with last assessment being above the asking price!
Quite a decent street!
- Taxes: $2,531
- Electric: Updated
- Plumbing: Updated
- Kitchen: OK
- Bath: OK
- Roof: 13 yrs old
- Furnace: 6 yrs old
- Hot Water Tank: Very new (05/2021)
- Windows: Double-paned
- Floors: 2+
- Parking: 5-car detached garage
- Rental Income: $750/mo total ($500 house + $250 garage [$50×5])