Are you ready to buy-renovate-refi with us in Philly? With access to the BRRRR properties available… how can you resist? Let’s take a look and find out why this is where you want to purchase your next property.
Because how can you beat job growth above national average, home prices increasing 10% in the last year, plus the building and growing tourism in Philly!
Ready to check out this property? Better jump on it fast before it’s snapped up by someone else!
Built In: 1930 (fully renovated)
Purchase price: $104,000 (not a foreclosure, normal sale and with tenants in place as condition of closing!!)
Property info: 3 bedrooms, 1 bathroom, 990 square feet
Monthly rent collected: $1,050
Property taxes: $75
Property management fees: $84
Monthly expenses (conservatively estimated)
Vacancy (7%): $74
Repairs (5%): $53
Total Monthly Expenses- $350
Net Income = Income – Expenses = $701
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 8.08%
Cash-on-cash return =
Depends on your leveraging.
- First 6 Months of Ownership: Scope of Work Warranty – Property manager will cover all labor and materials for any maintenance required during your first 6 months of ownership if you use the Seller’s Preferred Property Management Company.
- First Year of Ownership: Rental Guarantee – Property manager will pay you the full gross monthly rent in the event that any of your tenants default during your first year of ownership if you use the Seller’s Preferred Property Management Company.
* Philadelphia properties are available for CASH PURCHASE ONLY on a “buy-then-renovate” model. These are properties in high-demand Philly areas. You will get a professionally renovated property, then have the new appraised value be more than your total out of pocket expenses.
Note: The total (already discounted) price shown for all Philadelphia properties includes the price of the distressed property PLUS the full renovation cost.
If you are interested in this property or seeing others like it, contact Melissa at email@example.com. Take the plunge: you won’t regret it!