Martinsburg Wholesale property - Buy and Hold, Great INCOME!!!
Live in one unit and have your mortgage paid, and make a profit!
The property is: 233-235 Porter Ave, Martinsburg, WV 25401.
Price = $145,000
Repair = $5500 (maximum aesthetic)
Monthly rental minimum = $2100
RPV = 1.4% minimum
This is a two unit, 1 commercial unit property for $145,000.
This is a really great opportunity for a buy and hold. The price is very good, and with a minimum of $2100/monthly
3BR = $700 with current tenants
1BR = $550
Comm = $850+
will gross a minimum of 1.4% rental to property value.
The property has rented for more -- the commercial has gone for $1000 for long periods of time.
* It is in good condition for the area, and grosses more than anything else we have seen on the market in Martinsburg. Roof is close to new, new windows throughout, electrical is up to code, baseboard heaters, clean and ready for occupancy. The three bedroom is already rented to regular paying tenants - already bringing in income.
________________
Comps for multi-unit houses in that zip-code -- solely residential -- are $125K - $325K -- though they do not gross as much income as this property percentage wise with the commercial unit.
ie.. Available property for $325K and it only takes in $1250 more per month.
*Renovations are minimal and not all necessary (max total of $5000 for simple updating): Possible new appliances in the single unit (stove / fridge / AC unit - clean and they work, they're just older), possible new laminate in the commercial (though the owner has told us that renters often put it in themselves), an insulated side door in the commercial unit, a few new light fixtures, paint if wanted. --> ONLY NECESSARY - drywall in the attic/alternate bedroom in the three bedroom.
