Midwest *Ground-Up* Turnkey #12

[Marie McLean]

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

• under contract, inspected, iron-clad rehab costed out
• buyer takes title directly for stated turnkey price
• save: only one set of closing costs
• our Scope of Work doubles as a contract
• we will tenant and manage, unless buyer prefers another arrangement

No maintenance guarantee for 6 months after tenants move in. This property is 2 blocks from Palmer College of Chiropractic. It will have all new drywall, insulation, electrical, new cabinets in both units. New everything as the property is gutted to the studs.

Details: no garage, built 1900. Utilities Separate, Closing date: end Jan. 2016

• Price: $48,000
• Rehab: $52,000
• Carrying Costs: $1,000
• Closing Costs: $2,000
• Total Turnkey Price: $103,000
• ARV: $110,000

Trulia

Rental Projections

• Monthly Rent: $1400
• Taxes: $49
• Management: $112
• Vacancy Reserve: $70 suggested
• Insurance: $70
• Lawn/Snow: $60
• Maintenance Reserve: $70 suggested
• Net: $969
• Monthly x 12: $11,631
• Strictly Cash on Cash ROI: 11.63%

Refinanced 75%

• Down Payment: $25,000
• Mortgage Interest Rate: 5%
• Mortgage Amortization: 25
• Mortgage Monthly Payment: $438.44
• Net Cash Flow Less Mortgage: $530.84
• Net Net x 12: $6,370
• Refinanced Cash on Cash ROI: 25.48%

COMPS

521 w 8th St Dav. ~ Sold $128K 5/15 (49.96)

• Triplex 4 Bed/ 3 Bath 2562 sqft
• 2 story frame built 1900
• garage/ unsure of basement
• .1 mile away

2517 Hickory Grove Rd Dav. ~  Sold $128K 5/15 (66.88)

• Duplex 4 Bed/ 2 Bath 1914 sqft
• Ranch Frame/brick built 1967
• 2 car garage/ basement
• 2.5 miles away

2239 w 46th St Dav. ~ Sold $105,500 9/15 (49.76)

• Duplex 4 Bed/ 2 bath 2120 sqft
• 2 story frame built 1976
• no garage/ basement
• 4 miles away

Comps on a Map: