Midwest *Ground-Up* Turnkey #16

[Marie McLean]

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only (not a flip)

• 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

Details: no garage, built 1920. Closing date TBD.

• Price: $57,500
• Rehab: $8000
• Carrying Costs: $1,000
• Closing Costs: $2,000
• Total Turnkey Price: $68,500
• ARV: $75,000

Trulia

Rental Projections

• Monthly Rent: $875
• Taxes: $178
• Management: $70
• Vacancy Reserve: $44 suggested
• Insurance: $71
• Maintenance Reserve: $44 suggested
• Net: $469
• Monthly x 12: $5,625
• Strictly Cash on Cash ROI: 8.59%

Financed/Refinanced 80%

• Down Payment: $13100
• Mortgage Interest Rate: 5%
• Mortgage Amortization: 25
• Mortgage Monthly Payment: $306.33
• Net Cash Flow Less Mortgage: $162.46
• Net Net x 12: $1950
• Financed Cash on Cash ROI: 14.88%

COMPS

124 16th Ave East Moline ~ Sold $71,000 4/15 (41.76)

• 4/2 1700 sqft
• 2 story frame built 1920
• 2 car garage/ basement
• .28 miles away

2208 4th St A East Moline ~ Sold $93,500 7/15 (77.65)

• 3/1.5 1172 sqft
• 1.5 story frame built 1920
• 2 car garage/basement
• .6 miles away

Comps on a Map