This property is no longer available! Sold.
This supplier is amazing. They are very much a mom-n-pop style shop and with a great reputation. They even offer a 12-month rental guarantee on your property when you purchase! I promise, the size of the picture is not indicative of the quality of the properties they sell. (give me a break, it’s the best I could get).
Location: Porter (Houston), TX. Built In: 2003
Purchase price: $110,000 (not a foreclosure, normal sale)
Property info: 3 bedroom, 2 bathroom, 1229 square feet
Monthly rent collected: $1,195
Property taxes: $226.36
Property management fees: $107.55
Monthly expenses (conservatively estimated)
Vacancy (7%): $83.65
Repairs (5%): $59.75
Total Monthly Expenses- $598.14
Net Income = Income – Expenses = $596.86 ($740.26 with no vacancy or repairs)
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 6.5%
Cash-on-cash return =
Depends on your leveraging.
Are you thinking the cap rate is lower than what you are interested in? Check out one of Ali’s articles from BiggerPockets that hits this exact topic!