This project will be coming very soon

Here are some of the rough numbers.. I'll have physical rent rolls in hand in a day or so:

Annual Gross income $83,160 (Ave $630x11)

Annual Taxes 3,657.48

Annual HOA 19,800 (150x11x12)

Management 8,316 (based on 10% of rent)

Insurnace Estimate 5,280

Maintenance Estimate. 4,000

Average rent on the 11 units is $630. 1 unit is currently vacant.

HOA is $150 per unit and includes - Exterior insurance & maintenance, yard cutting/clean up, dumpsters, pest control, water & sewer..

Each unit should have its own insurance to cover the interior of the property.

The first building closest to Newson Rd has a new roof, the second building needs one soon.

There is an HOA with 16 member units. As the owner of 11, you obviously can control the HOA and choose who will do the day to day management and if you want to increase the $150 per month. The second roof will be an assessment of the individual owners.

Also, there is an extra lot that could be developed. it should be possible for the HOA to sell that lot to someone who will develop it and then use those funds for the roof and exterior repairs/updates that need to be done.

So here are the numbers if you just keep things as they are:

Total Income - $83,160.00

Total expenses - $41,053.48

Net Income - $42,106.52

Sell Price - $465,000.00

CAP Rate is 9.05

Just bumping rents $100 will move you to a 11.89 CAP RATE.

The potential to add a ton of value here is immense when you update the old masonite siding to vinyl, change out windows and fix the roof. Some landscaping would go along ways. All units are under rented by at least $100.00

Individual unit video's are coming. We prefer to be under contract before scheduling a walk though because of the challenges of getting 11 tenants home at the same time. Buyer must show proof of funds with an executed contract.

All deals cash or hard money only. I like to work with everyone which usually means if you're making money I'm making money...If you are an realtor, please contact us to discuss how we can get you paid! What I am selling is my assignable contract with the seller of the property. I am not a realtor nor do I portray myself as one. All properties require cash or a private/hard money loan in order to purchase - no conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $10,000 non-refundable deposit (cashiers check) at time of contract. Buyer will be responsible for all closing costs unless otherwise indicated. Closing are an assignment of my contract with the seller to the buyer and are held at Reli Settlement Solutions in Birmingham