5 Pack of Homes Available - High Cash Flow

[Jason Richardson]

This is a package of five homes all located in South Bend, IN. All have long term tenants with great cash flow. All homes have had a total remodel within the past 5 years that includes new mechanicals. Purchase Price for the package is $95,000.

14** Johnson Street - Section 8 pays $470/month. One year tenant with no intent to move
2** O'Brien - $350/month. Four year tenant
19** Scott - $125/week which equals $542/month. Three year tenant
8** Lawndale - $600/month. Three year tenant
17** Douglas - $700/month. Three year tenant that has an option to buy next March. They pay an option fee of $1,500 once a year. The next one is due next month, and whoever owns the house the day they pay keeps that fee. Next March they will pay their last option fee of $1,500 and then the lease will convert into a note that you would hold for them of $63,000 at 9.99% amortized over 15 years. The total payout over the term of that note is roughly $121,000, not to mention all the cash flow in the meantime.

Total monthly income including option fee - $2,787
Yearly income - $33,444
Yearly insurance ($350/month/house) - $1750
Management/Maintenance (20%) - $6688
Yearly Taxes - $2866.10
Yearly Cash Flow - $22,139.90
ROI - 23.3%

This does not take into account any of the approximately $59,000 of interest you will be getting back once Douglas converts into a note.

The last two digits of the addresses have been removed so that the tenants can continue to enjoy the right for peaceful and safe living. If you are serious about this package and can prove that you are a legitimate buyer, then the rest will be given to you during your due diligence period. Serious inquiries only. Email for more information.