661 15th Ave SW Cedar Rapids, IA 52404

This 1900 built, 4 bed / 2 bath property in Cedar Rapids, IA makes sense for any rental investor, even in today's changing real estate market. Top unit just renovated!

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Financials:

ARV: $110,000

Purchase Price: $79,000

Profit Details:

$110,000 ARV

(*) 94% for sale commissions

(-) $79,000 purchase price

(-) $5,000 rehab buget

(-) $5,000 closing / holding cost

(=) $14,400 profit

Rental Profit Details:

$1,200 monthly market rents

(-) $138 monthly tax

(-) $53 monthly insurance

(-) $120 property management

(-) $120 allocation for repairs, vacancy, etc

(=) $769 net monthly cash flow

Property Details:

4 Beds / 2 Bath

1900 Year Build

1,382 Home Square Feet

4,792 Lot Size

March 31st, 2023 Closing

Bottom unit occupied, top unit (renovated) vacant at close

No apparent issues with foundation, roof, electrical, or plumbing

Big corner lot with massive backyard

No work needed, fill the top unit and start cash flowing

Vinal windows

Recent Updates:

2023 - Completely renovated top unit of duplex

2022 - New roof