This week I closed on my 5th rental property. The property is located only a few miles from me, which is a nice bonus. This deal was sent to me by a local wholesaler and I was able to land the property for 39k/cash. The ARV on this property is around 80k. It is 830 sqft, 2 bed, 1 bath. This area is loaded with lakes so you see a lot of these small cottage style houses as well as very large newer builds. This property is in an 'A' township/school district. However, this particular neighborhood is probably a B.
The roof and furnace are both new and the windows are newer. I plan to pour a driveway to help boost curb appeal. The interior needs flooring throughout, paint, bathroom gut, and probably new cabinets/counter top. Will also need to put a shed or something in the back since there is no garage.
I own a similar rental a couple miles from this one that rents for $875/mo, however that lease was signed 2 years ago, so can probably expect to get a little more.
Taxes are pretty low on this property as well ($1,500 a year for non-homestead).
Should make for a nice spring project!
