Through December 2025, raise the rents $200
$1300/month Gross CF $540/mon for 2026 $6480
 $1350/month -> 2027 CF $590/month -> $7080
$1485/month -> 2028 CF $725/month -> $8700Total over 4 yrs - $26,340 Gross CF
Option price at end $80k

Property Condition and Maintenance:

• The property has not undergone any recent inspections, and there are no reports available.

• There are no known structural issues. Plumbing was upgraded in 2006/2007, and the electrical system was partially upgraded (the contractor ceased work three-quarters of the way through). An upgraded panel has been installed.

• Additional Property Condition Notes:

  • Foundation and walls are in good condition.
  • The property may need some paint.
  • Electrical upgrades are incomplete due to the electrician's departure.
  • The property has transitioned from a fuse box to a breaker box.
  • Features include a 10x16 shed and an old carriage house (20x20).
  • Vinyl plank flooring is installed throughout, complemented by a marble fireplace.
  • Plumbing was fully upgraded in 2006/2007, and two of the three bathrooms have been renovated.
  • The kitchen features original cabinets, new tiles, and new laminate counters (installed in 2006/2007).
  • Central heating and air conditioning were added, with tenant-owned appliances.
  • The roof was replaced in 2013.

• The end buyer is responsible for all maintenance during the lease period, aside from what is outlined in the current lease agreement with the tenants.

Tenant History:

• There are no issues or conflicts with the current tenants, such as late rent payments or maintenance disputes.

• The tenants have expressed some concerns regarding the property:

  • Plumbing drains slowly.
  • The dishwasher has lost power.
  • Several outlets and lights in various rooms are not functioning.

• We can work on obtaining the rental payment history for the current tenants.

Rent and Lease Terms:

• There are no plans to raise rent during the tenant's lease period, which is locked in through 12/31/2025.

Utilities and Other Costs:

• There are no outstanding utility bills or property taxes that need to be settled before the sale.
• There are no fees or charges related to the property, such as HOA fees.
• Per the terms of the lease agreement, the tenant is responsible for all utilities, including water. The lease states: "Tenant is responsible for the water bill; the homeowner will pay the water bill and submit the bill, which the tenant can pay at the 1st of the following month with the rent payment."

Legal Considerations:

• The tenant has been informed about the potential sale and has no concerns. They expressed interest in extending the lease for an additional two years and might be interested in buying if the circumstances and price are right. Their long-term goal is to move to Florida in five years, and they currently see credit and location as potential roadblocks.

Assignment Fee:

• The total assignment fee is firm with little margin. Offers may be considered, but negotiations are limited.

Option Agreement Details:

• The lease option can be exercised at any point through 1/1/2029, with no additional fees other than closing costs.
• No further assignments will be permitted prior to closing.

Financial Responsibilities:

• All maintenance and tenant-related issues will fall under the buyer's responsibility unless the buyer decides to sell it on a lease option or outright.

Memorandum of Contract:

• The Memorandum of the Option Contract is in the process of being recorded with the county to secure interests. Should you proceed, arrangements can be made to ensure your interests are protected with the county recorder’s office.

Exit Strategy:

• If the option is not exercised, the seller retains ownership of the house, and all parties walk away without penalties.

👉 Contact us NOW at christian@lazprop.com or call our office at (619) 209-3136 to learn more and secure this incredible Lease Option Transfer!