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Updated over 9 years ago,

User Stats

733
Posts
155
Votes
Bryan C.
  • Investor
  • Spokane, WA
155
Votes |
733
Posts

Cincinnati Turnkey Rental - sell or keep?

Bryan C.
  • Investor
  • Spokane, WA
Posted

Good afternoon,  I have a property that I own free & clear that I am seeking feedback on what to do with it.....

I own a rental in Cincinnati that I am debating on what to do with.

Total investment $48k 

I bought the place for $16k.... 

Rehab expenses $32k.... (went over budget & had a bunch of things pop up)

Rents for $725/mo on a 12 month lease (tenant just moved in).  Currently zoned mixed use & tenant is starting a daycare.

Prop Management - $60/mo

Taxes - $90/mo

Insurance - $50/mo

Repairs - $75/mo (should be lower due to complete remodel)

Vacancy - $50/mo  (should be lower due to new 12 month lease)

Cashflow = $400/mo x 12 mo = $4800/yr  

CAP Rate = $4800/$48000 = 10%

Option A

I would love to sell as a turnkey rental, mark it up just above total invested and sell for $50-60k but dont have a lot of knowledge directly on that.... 

Option B

I could keep it and reinvest cashflow ....or....I could get an equity loan on the property to use that $$$ to buy/fix another property

Option C

I could propose a lease option or owner financing option to current tenant starting business in property

Option D

List property for sale...reinvest proceeds elsewhere for another rental or find a flip

Please post your thoughts, suggestions, etc...

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