Available for purchase is a nice 3 bedroom / 1 bathroom house at 811 Windsor Street located near downtown Wilmington, DE 19801; property also includes off street parking. Asking price is $44,000 seller financing is possibly available. This property is already rented to a good paying tenant for $775 per month (tenant wants to stay after the lease expires on 10/31/11). Complete excellent professional property management has been and will remain in place and is included in the below financial expense data. No renovations or repair is needed, tenant pays all utilities, this is truly a very good turnkey investment. Nice neighborhood with lots of new building development on the same block and surrounding area. Rental market for 3 bedroom apartments/houses in the immediate area average $1,095. The area rental market is strong with lots of good tenant candidates looking for housing. At $44K all cash purchase price, cash on cash return (capitalization rate) exceeds 10% at current rental income. Property pictures available upon request. Wilmington, DE is 25 miles south of Philadelphia, PA. I am in the process of shortly acquiring other properties that will have similar very good complete turnkey cash flow. Call 212-662-0581 or 917-584-6045 and/or e-mail: garysmithengineer@hotmail.com
Gross Rental Income: $9,300 annual ($775 per month actual)
Per Rentometer.com $13,400 potential annual gross income; ($1,095 monthly)
Annual Expenses:
Property Taxes: $1,653 (Actual), Maintenance/Repair: $1,200 (contingency), Hazard Insurance :$600 (Conservative Projection),
Vacancy/Collection Losses: $465 (5% of gross rental income)
Property Management: $930 (10% of gross rental income)
Total Annual Expenses: $4,848
Net Annual Profit: $4,452 (based on actual rental income, $371 per month)Purchase Price ($44K) Cash on Cash Return 10.12% (capitalization rate based on $775 actual rent),
19.44% Cash on Cash Return (cap. rate based on $1,095 median rental market)
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