Address [1801 & 1809 W MOUNTAIN VIEW RD, PHOENIX, AZ 85021] APN/Parcels 158-21-065 & 158-21-066 1801 is U shaped nod includes the laundry room and a second building. 1809 us L shaped and a single building 3 buildings total. Lot size 42,000 sq/ft Pictures link: CLICK HERE!! Unit Mix 1 = studio 6 = 1bd/1ba 9 = 2bd/1ba Details : - Current owner purchased it 3 years ago. - 3-1/2 - 4 years ago roof was done plus partial remodel. - The laundry room has separate electric and gas. That including the existing water plumbing making it easily converted to a 17th unit. ACCESS: Call to set up inspection. Rehab Estimated from $60K-$70K. Seller Has hard bid from his contractor to get work done for $70,000. We can provided documentation for city violations that need correcting as well as provide documentation of the contractor bid. Contractor Bid : Will cover Structural Engineering reports/ Permits for wiring electrical in all of the units / Owner has several Water heaters he will bring back at COE Contractor Bid : Will also cover peck piping for exterior that was stolen / AC units that 2 are still working / correcting water heater venting set up Averaging Rehab : 2k a door X 16 = 32k / Rewire each unit $1200 X 16 = $19,200 / partial roof replacement $10,000 / Exterior updating $4800 / Misc unseen $4,000 = $70,000 PURCHASE PRICE $375,000 Rents currently / projected 1 Studio $350 - projected $400 - 1 unit total 1/1 $375 - projected $450 - 6 units total 2/1 $450 - projected $500 - 9 units total FINANCING AVAILABLE: $55,000 Cash Down $10,000 Lender Fee $5,000 Closing Cost $70,000 Total 14% I/O = $3,733 payments + taxes & insurance. 1 Year Note. Buyer must Refinance or Sell with in 1 year. INVESTMENT CALCULATIONS WHEN FINANCED: $70,000 Down Payment + $70,000 Estimated Repairs = $140,000 Total Current Max Rent Potential = $6,650 x 12 = $79,800 Annual Gross Rents (Max) $79,800 - 40% (Estimated Annual Expenses) = $47,880 Net Income $47,880/$140,000 = 34% Cash on Cash return potential $47,880/$445,000 = 10.8% Potential Cap Rate This example is calculated with out any additional revenue from the on site laundry or from potential rent increase. CASH/HARD MONEY INVESTMENT CALCULATIONS - Price per door: $23,437 acquisition price Price per door including rehab: ( 375k acquisition + 70k repairs = 445k / 16 = $27,812 a door at 16 units Current max income $4,050 + $2,250 + $350 = $6,650 plus laundry and vending income Future max income (with out converting laundry) $4,500 + $2,700 + $400 = $7,600 plus laundry Potential Caps = NOI ($8,100 - 40% = $4,860) $4,860( monthly NOI ) X 12 = $58,320 ( NOI for the year ) $58, 320 ( NOI ) / $445,000 ( Acquisition + Rehab ) = 13.1% Cap rate Potential TERMS: Open escrow with $10,000 refundable earnest deposit with a cashier's check made out to Pioneer Title Agency. $10,000 earnest gives you a 5 day inspection period then earnest becomes non-refundable on the 6th day. We will provide any available rent rolls/ P & L for subject property, and access to units. Buyer pays all closing costs and escrow fees.
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