Roosevelt Grove rental

[Rebecca Knox]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $32,000
Cash invested: $6,000

This is a 2-bd, 1-ba brick ranch with attached 2-car garage, 1281 sq ft, central air and finished rec room located in the Roosevelt Grove neighborhood of Milwaukee, WI 53216. We used bank financing for this and it appraised out at $72k as is; the 6k invested was our down payment. The property will need a new sump pump. We had the existing tenant sign a new lease prior to closing at $1050 per mo, tenant pays all utilities including water and shovels/mows. 

What made you interested in investing in this type of deal?

We already own in the area but this is actually a better pocket of 53216. The numbers made sense. 

How did you find this deal and how did you negotiate it?

The seller was renting to his daughter and they had a volatile relationship.

How did you finance this deal?

Bank