4plex and 3 plex - 10% CAP rate

43rd street was purchased as my first out-of-state property. I bought it in fairly rough shape with bad tenants in it. The property was falling apart and was highly mismanaged. We had hopes that some of the tenants would be good but it turned out they are were all really bad. Over the course of a few months we managed to get the bad s out which also allowed us to complete the remodel (through a VERY good contractor) on all 7 units. As the units finished they were super easy to rent - about 1 week to rent each unit. All tenants went through extensive background checks and rental history checks to verify they would be good s. Now that the property is fully rented and cash flowing I am at the point of realizing that I am not the type of investor for out-of-state rental properties. Some investors are good at out-of-state holdings and some need the properties close to home. I am the latter. At this point I am selling the cash flowing, 100% rented property so I can move my investments closer to home. It is a great property and is a great long term hold investment. Completely remodeled - ALL 7 units - new flooring - new appliances - new bath, tile, toilet, vanity, mirror, bath cabinet - new fixtures throughout - paint walls and cabinets - updated counter tops - new plugs - Updated plumbing - In-unit washer/dryer hookups replaced Venting of dryers and kitchen exhaust outside New electric panels - 7 units Updated electric service from 60 amp to 100 amp - 7 units 2 new air conditioner units 1 new furnace All air conditioner units and furnaces serviced and cleaned Exterior - New paint - Replaced bad siding - Replaced all porch posts - New windows/screens throughout - New doors - New fence Rent: Unit 8: 825 = 775 + 50 Unit 9: 800 = 775 + 25 Unit 10: 795 Unit 11: 795 Unit 12: 800 Unit 14: 775 Unit 15: 775 RENT TOTAL: 5565 2 storage units - $40/mo X 2 = $80/mo GRAND TOTAL: 5645/mo There are 2 different buildings - a 4 plex and a 3 plex. They are on separate parcels so residential financing is possible and makes the financing cheaper than commercial. It is over a 10% cap rate at this time with room for rent increases. It MUST be purchased with its sister 4 plex for $272,000. There is no deferred maintenance currently due on any units.

Location:

2813 43rd St, Lubbock, TX 79413