Long Term Rental Renovated to add $500 cash flow

[Ryan Hoover]

I purchased this Cave Creek, AZ property in May of 2019 for $280,000.  There was a tenant in-place paying $1475 a month which was a little better than a break even deal with the cash flow being about $100 a month.  The tenant moved out in the end of 2020 when we decided to take on a complete renovation to boost rents.  The project cost about $32k and took just over a month.  Property is currently being marketed for a new tenant at $2100 a month.  Increase of $625 a month in cash flow!  Plus the new market value is right around $365,000.