All Forum Posts by: Leo Koonan

isnt that area is like a warzone? 

hmm  DM me the details (  major items: roof, furnace, ac,floors,clean title, etc) any rehab needed?  fully occupied? long/short term (m2m) ?  

starting price? ... huh ?

whats the taxes on this one?  looks like a total gut job...  are the comps north of 200s+ ?

The attached pics are before or after whatever repairs were done?  as just from the looks of it, the house needs about 30K in rehab at the least.  Which makes this a pretty bad deal...

hmm can you show me the numbers, cuz i would like to understand how a 850/m house costs as much as 76k while being non turnkey and with 3k taxes and going up  in a POS area.... (btw... everything is negotiable)

@Rodney Miller  no trying to troll, as i am really interested in OKC, so correct my math (cuz i dont know the labor costs there).

floors (inside the house) - 5k ish ( LTV + labor)

walls (tear the wood down put drywall) - 3-4k (with labor) 

garage (recement) - 1k aprox ? 

kitchen  (cabinets, plumbing, counter tops (low end)  - 3k (with labor) 

furnace - 3.5k 

water heater - 1k 

bathrooms - 2k (on the very low end)

roof looks good (right?)

i assume additional hmmm 2-3k for small things here and there...

hmm so  on the low end ...around 20k ish? ... 

37 + 1k closing costs aprox? + (inspections)  500 + 20k   = 59 ( lets say 60 k) 

750 x12 =  9k 

real estate taxes  ( around 800-900?) 

PM - 10%

Insurance - 10%

the usual: 5% vacancy, 10% capex  

so 9k - 45% = 5k NOI ( if all bought cash)

(thats if the market is favorable and you dont get stranded for a month or two looking for renters)...  kinda tight if you ask me. 60K is a big investment for 5k a year in profits.

@Rodney Miller    I am looking in to OKC area as well... but from what i see... this house needs around 25K in repairs .... and that's conservatively speaking. If you got anything that fits buy and hold, i would be interested. 

yeah, if you got anything around  Charlotte area for a decent price (i like MF but if SF is good i'll take it).  Looking for buy and hold.