Ok. Let’s get real. We’ve gained about 100 pounds just because we love investing in Philadelphia and those darn cheese steaks so much. Yikes! Maybe our next post will be about kale and smoothies (don’t worry – it won’t be!).
We are traveling back to Philly today – this time with an amazing turnkey triplex with an amazing buy-in price. Be prepared for sticker shock (in a good way).
Location: Philadelphia,PA.
Built In: 1915 (fully renovated)
Purchase price: $149,700 (not a foreclosure, normal sale and with tenants in place as condition of closing!!)
Property info: 3 bedrooms, 3 bathrooms, 1,862 square feet, 2+ stories
Income
Monthly rent collected: $2,000
Expenses
Monthly expenses
Property taxes: $95
Insurance: $75
Property management fees: $200
Monthly expenses (conservatively estimated)
Vacancy (7%): $140
Repairs (5%): $100
Total Monthly Expenses- $610
Net Income = Income – Expenses = $1,390
Advanced Numbers
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 11.14%
Cash-on-cash return =
Depends on your leveraging.
Special Terms
- 1 Year Rental Guarantee:
Property manager will pay you the full gross monthly revenue in the event that any of your tenants default during your first year of ownership - 1 Year Maintenance Guarantee:
Property manager will cover all labor and materials for any maintenance required during your first year of ownership - 15-Year Roof Warranty:
All properties come with a 15-year roof warranty
If you are interested in this property or seeing others like it, contact Melissa at melissa@hipsterinvestments.com. Take the plunge: you won’t regret it!
Want to see more deals like this?
We’ll send them to you!
