STUDENT HOUSING RENTAL INCOME UNIT FOR SALE for sale in Lansing, Michigan

$52,500

*ROI $114,240 Profit after expenses over 10 yearsSTUDENT HOUSING RENTAL UNIT FOR SALE. Cash flow $434 (10% Cap Rate) to $952 (21% Cap Rate) per mo. (See break downs)*Non-stop flow of tenant candidates. Consistently rented last three (3) years.*Leased thru July at $925/mo plus tenants pay utilities. If any rehab is done to Kitchen, rent goes up $50/mo per current lease agreement.*Located 1.5 blocks W of Dart Auditorium at Lansing Community College315 W Genesee St. Lansing, MI 489335 br, 2 full bth, 1900 Sq ft, built in 1907ESTIMATED ARV= $75,600Additional TLC could pay for itself in increased rentsPurchase Price $52,500CASH DEALS ONLY. Current Operating Income= $925 Current Operating ExpensesHazard Insurance with Rental coverage: $84/moMonthly Maintenance Reserve: $80/mo (Optional)Monthly Property Management: $93/mo (Optional)Monthly Non-Homestead Taxes: $234/moMonthly Cash Flow= $434 Annual Cash Flow=$5,208Cap Rate= 10%Cap Rate based on Annual Cash Flow ($5,208) divided by sum total of Purchase Price ($52,500), Closing Costs (1500) AFTER CURRENT LEASE EXPIRES AND YOU WERE TO LEASE EACH ROOM AT $300/EA PLUS 1/5 UTILITIES:Operating Income= $1,500Operating ExpensesHazard Insurance with Rental coverage: $84/moMonthly Maintenance Reserve: $80/mo (Optional)Monthly Property Management: $150/mo (Optional)Monthly Non-Homestead Taxes: $234/moMonthly Cash Flow= $952 Annual Cash Flow=$11,424Cap Rate= 21%Cap Rate based on Annual Cash Flow ($11,424) divided by sum total of Purchase Price ($52,500), Closing Costs (1500)
Provided by Broker: Louis S. Rodriguez
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vFlyer ID: 3

Year:  1980 or older