Great value proposition to invest in America’s third fastest growing city! With great income potential and future growth. We have all seen what seems like a great deal of a property in the Midwest, sadly many of these towns and cities just have not recovered. Population figures show a decrease and many homes are vacant leading to oversupply of housing stock and resulting in a glut of low priced homes. Many sellers are looking to buy these cheap homes and pass them on for a quick buck.
As someone who has been in this market for over four years, and owned these properties for a number of years I feel I am able to offer a better product and one that has a proven track record of cash flow. We have a number of properties available in our portfolio and we are looking to reduce these in order to fund several new builds.
Our portfolio is completely hands off, we have used many different tactics to ensure this and has been built up through over ten years of experience in real estate both in the States and abroad. We feel we have the best property management company working with us in this area to ensure these homes bring in cash. They offer all the services you require, which has been extremely useful for our hands off approach investing from Europe.
We are flexible with what we can do with these homes so feel free to reach out and ask any questions you may have- [email protected], WhatsApp +447793242292.
This property is one we had intended to fix up and rent out because it will be a high yielding property. The area has recently had a cash injection and had some new townhouses constructed and so it is becoming quite a desirable area. The property has good bones, it just needs fixing up. We put around $20k into foundation work, and have been told it will be another $60k to make the property as new. With the four units rent would be $495 for the two lower units that are one bedroom. The upper two units are two bed and rent would be completed rent would be $550 which is $25,080 a year. With the units each having their own electric panel the tenants would be billed for this. Our plan was to rehab all the building, initially starting with the two lower units and then do two upper units later . To do this would be around $40k. The later rehab of the two additional units being around $10k each.
As per latest research on rentometer.com. Rent should be $550 for a one bed and $600 for a two bed. This could take the figures to $27,600.
ESTIMATED INCOME
Yearly: $25,085
Taxes: $854
Insurance: $1200
Property Management: $2,508
Net Income: $20,523. Owner would need to pay gas at the moment
PROPERTY DETAILS
Number of units: 4
Type: Four unit 2 storey home
Utilities: Paid by tenant owner pays gas.
Construction: Wooden frame, wooden siding
Current Occupancy: Vacant awaiting rehab
Building Square Footage: 2996
QUICK FACTS
Value add opportunity
Great investment in Kokomo Indiana
Top three fastest growing cities since the Great Recession as reported in a Bloomberg study
http://www.kokomotribune.com/news/local_news/kokom...
Huge job creation in the area, Chrysler plant alone has a $2 billion investment
Rent increase upside – Future rental demand expected as job creation grows
Low crime area – Take a look on www.spotcrime.com
Great location close to large employers and Indiana University, enrolment of 3,000 students per year
Tenants to pay electric, with current set up
Professional Management Company already in place
Hands off investment
Proven track record: We have been owner investors, with profitable rent since 2014
