All Forum Posts by: Melanie Reyes

518 Biscayne Updates:

Many rental viewings, have yielded a carefully vetted couple approved to lease one of the 4 units priced at $1450/mo with a $50 credit/mo for submitting their applications and earnest deposit by the 27th. On track for at least $5000/mo in rental income.  

June 22, 2016

518 Biscayne Apartments Historic Operating Costs

Management $276 (69/unit) - $550/mo avg. $413.00/mo $3312/yr [SELF MANAGE]

Maintenance $133/mo $1600/yr

Utilities

Water $240/mo $2880/yr

Gas $100/mo $1200/yr [NA]

Electric $302.50/ mo $3630/yr [TENANT]

Landscaping $75/mo $900/yr

Pest Control $125/mo $1500/yr [TENANT]

Termite Warranty $17.33/mo $208/yr

Fire inspection $7.92/mo $95/yr

Insurance $373.30/mo $4478.40/yr

Taxes $307/mo $3680/yr

Lease Commission $104/mo $1248/yr

________________________________________________________________

Yearly Operating Expenses - $24,731.40

Full Monthly Operating Expenses - $2198.95

Monthly Operating Exclusions - $815.50 #

Monthly Operating Expenses Balance - $1383.45

Expected Gross Monthly Income - $5500

Adjusted Yearly Operating Expenses - $16,601.40

Expected Gross Yearly Income - $66,000

Net Yearly Income - $49,398.60

Purchase Price - $519,900

Cap Rate - 9.5%

3 showings scheduled today  for increased rent amount. 

High interest for rentals on this property have resulted in increased rents. Expected  rental income is $5500/mo for a 10.6% cap rate. 

Thank you so much Renae! I will definitely reach out to you in the future. 

Also thank you thank you Hulping and welcome to the world of real estate. 

I wish you much success!

Thank you Andrew and Lucas for the abundance of wonderful advice and a lovely welcome! So much to absorb, but I look forward to jumping in. 

Have a great weekend!

The property is currently vacant due to renovations. Owner anticipates completion in 2 weeks. Rental inventory is low in this highly desirable area, so prospective tenants are eagerly awaiting when the units come on the market. Quoted $1250-1300/mo. per unit for a minimum of $5000/mo in gross revenue. Cap rate projected at 10%. Central air, stainless steel package, w/d in each unit, hurricane impact windows in place, wood and tile floors, lovely cabinets. 

Thank you so much for the welcome AND advice! I will definitely follow it!

Thank you so much Alexander for the warm welcome!