Early Bird get the MLS worm

[Mark Updegraff]

Sometimes things work out when you're diligent and swift to act.  I don't acquire a ton of properties probably averaging a few units per year.  Here is the skinny on the one I just closed.

MLS listing 44,900, acquired at full price no contingency

assessed value 63,000

4 bed 1 bath built 1920

1286 Sq ft 4 bed 1 bath

Hardwood floors and oak moldings (unpainted throughout)

New vinyl windows 2nd Floor

New tear off roof 1 yr old.

New vinyl siding not very old.

Off street parking

Location is in the path of progress (less than 1 mile from Rochester's #1 employer)

Screening tenants at 1200 / month, with current applicants.

Pro forma:

gross rent yearly = 14,400

less 35% (10%PM, 10% Vacancy Reserve, 10% Capital Reserve, 5% Repair Reserve)

= $9360

minus operating costs (2246 taxes, 600 insurance) = 6514

cash on all cash return = 14.5%

[Arlan Potter]

looks like a great deal. I am surprised the rents are that high in an area that houses can be bought at that price.