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Read yesterday’s post all about the five markers of a quality turnkey market? Were you with us for the amazing webinar all about our favorite new turnkey market? If not, here’s the 411: we’re pumped to introduce the Hipster community to our first new pick in the city of brotherly love. Today’s property is nothing short of amazing…why? Well, for one thing – it’s a triplex (and you know how much we love the triplex for great ROI’s). Oh, you close with tenants in place as a condition of closing! Not to mention the one year rent guarantee, the one year home warranty or the 15 year roof warranty it comes with..

First things first, though: why do we love Philly? The cheese steaks? The history? The sports? Yes, all of that plus: Philadelphia is an amazing opportunity for investors right now. The market is on the upswing – but it’s still priced 16 percent below peak value market – making the timing just right for buying. The vacancy rate is below 5% – just what we look for to safeguard your investment – and Philly’s unemployment rate is significantly below the national average. Bottom line? Buy in Philadelphia now to really hit your ROI out of the ballpark…Philadelphia is a real estate rock star, and so is today’s triplex.

Note: This triplex will probably go fast, as it is such a great deal and a triplex is hard to find, but don’t worry – there will be more Philly finds coming your way!

 

Location: Philadelphia,PA. Built In: 2006 (fully renovated)

Purchase price: $127,500 (not a foreclosure, normal sale)

Property info: 3 bedroom, 3 bathroom, 2,2790 square feet (3 floors, triplex)

Income

Monthly rent collected: $1,950

Expenses

Monthly expenses

Property taxes: $105

Insurance: $80

Property management fees: $195

Monthly expenses (conservatively estimated)

Vacancy (7%): $137

Repairs (5%): $98

Total Monthly Expenses- $614

Net Income = Income – Expenses = $1336

Advanced Numbers

Cap Rate =

annual net income (non-inclusive of mortgage payment) / purchase price = 12.57%

Cash-on-cash return =

Depends on your leveraging.

If you are interested in this property or seeing others like it, contact Melissa at melissa@hipsterinvestments.com.

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