This is a solid house to turn into a 5 bedroom college rental.
Couple things to note here.
Substantial Repair & Maintenance Needed before leasing:
AC Units in window - No AC (looking at $15,000 to install)
Septic Issues - $28,500
Roof - $6,000
Paint - $5,000
Misc Cosmetics, walls in basement, converting to 5 beds ($15,000)
Total construction Costs ~ $70,000
Purchase Price - Lets Offer $475,000
At $475k this is actually a stellar single family deal.
Heres the link to the underwriting model. Its basic and has some fancy words in it for the finance nerds. Don’t stress if you can’t wrap your head around what the IRR is.
Play around with the interest rate and you will see how hard it is to buy cashflowing property in this current financial environment.
Property Listing Above & Deal Sheet Below
Have a great Friday! 🇺🇸
— Alex Appolonia Appolonia Construction LLC | The Appolonia Ownership Project