Covid-19 Townhouse Deal - Mississippi

[William Rutledge]

Just put a newly remodeled townhouse under contract from a motivated seller. Seller bought the property as a rental and did a complete rehab with in the last 6 months. Due to the Covid-19 lockdown they were not able to find a tenant and just wanted to get out of the property. We already own one townhouse in this development so quickly jumped on this deal when my realtor called. Purchase Price 120k, Current Value 150k. It also came fully furnished. Have a tenant ready to move in once we close on a 1 year Lease at $1400/mo utilities included. Monthly cash flow is $325/mo and COC Return is 10%.

Time to start looking for the next property.