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2021 Built Duplex (5 avilable) No Property Taxes for 5-10 Years. Cashflow: $12k/yr

$ 490,000 Asking
NE Douglas St,
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SOLD

Overview

  • Updated On:
  • September 11, 2021
  • 6 Bedrooms
  • 5 Bathrooms
  • 2,800.00 ft2
  • Year Built: 2021

Property Description

  • 5 duplexes are available – First Come First Serve
  • 100% tax abatement* first 5 years
  • 50% tax abatement for the next 5 years
  • *tax incentive given to builder to build near downtown
  • Duplexes are at the siding stage of construction and should be ready in 90-120 days (most likely in Dec.)

Available buildings are:

  1. 120/124 – under contract
  2. 128/32
  3. 136/140
  4. 144/148
  5. 152/156

 

FAQ 1

  1. Do you have floor/sites plans – requested, waiting for the builder to send us
  2. What finishes/appliances are included:
    1. Fenced back yard?- NO
    2. Garage door opener? YES (rear entry and ally way then backyard)
    3. Fridge? NO
    4. Microwave? YES
    5. Blinds? OPTIONAL
  3. Do they have a backyard? YES IT IS ON THE OTHER SIDE OF THE ALLEYWAY, WILL SEE IN THE SITE PLAN
  4. What are the specs for flooring, kitchen, vanities? LVP WHOLE MAIN FLOOR AND CARPET UPSTAIRS GRANITE ON ALL COUNTERTOPS KITCHEN AND BATHROOMS
  5. Is the tax abatement done/approved OR is it still just a possibility? APPROVED
  6. How does the tax abatement work, do i pay in full and then get a refund or something else? WHEN TITLE IS TRANSFERRED COUNTY IS NOTIFIED AND THEN IT’S ACTIVATED
  7. What type of warranties does the builder provide – 1 YEAR WARRANTY

 

Property Specifications Per Door
 Bedrooms 6 3
 Bathrooms 5 2.5
 Square Feet 2800 1400
 Year Built 2021
 Garage Size 2 1
 Schools Rating A

 

Purchase Assumptions My Offer Per Door
Asking $490,000 $245,000

 

Suggested offer (options) $490,000 $245,000

 

Financing Assumptions
 Down Payment (%) 25%
 Down Payment Amount $122,500
 Financed Amount $367,500
 Interest Rate 3.50%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $1,650
 Cash Outlay (Total Out of Pocket) $130,000

 

Financial Assumptions Monthly Yearly
Rent (upper) $3,400 $3,600 $43,200
Rent (lower) $3,200 $38,400
 Property Tax Rate (Approx.) 1.30%
 Property Taxes* $133 $1,593
 Insurance $150 $1,800
 Repairs $90 $1,080
Variable-Cost PM 7.2%
Property Management Fee $243 $2,917
 Leasing Fee 68% $95.6 $1,148
 HOA $0 $0
 Vacancy Rate 4.0%
 Total Fixed Expenses $838 $10,053
 Total Expenses (Fixed + Mortgage) $2,488 $29,855

*based on 25% of the property tax rate for the next 10 years)

 

Financial Analysis / Deal Attractiveness
Years: 5 10
 Cap Rate 9.4% 10.7%
 Net Cash Flow $60,997 $138,648
 Equity Increase $144,023 $318,276
 Total Gain $205,020 $456,924
 Average Cash Flow/Year $12,199 $13,865
 Average Cash Flow/Month $1,017 $1,155
 Average Gain/Year $41,004 $45,692
 Average ROI 157.7% 351.5%
 Annual ROI 31.5% 35.1%
 Projected Property Value $596,160 $725,320

 

 

FAQ 2

  • Can I buy with a mortgage?
    • Yes, and we have preferred lenders for you to use if you wish.
  • Do you know the condition of each unit internally?
    • Not yet.
  • Do you have a local property manager we can use?
    • Yes, we sure do.
  • Can I buy cash?
    • Yes, of course.
  • Can I buy more than 1 property?
    • Yes
  • Is there a way for me to buy all and get financing for all of them under 1 mortgage?
    • Generally speaking yes, and we have a lender who may be able to do it.

 

Site Visit Photos [Aug. 11 2021]

 

 

Disclaimer

Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.

The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info.

Address: NE Douglas St
State/County:
Zip: 64086
Country: United States
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Property Id : 36616
Price: $ 490,000 Asking
Property Size: 2,800.00 ft2
Bedrooms: 6
Bathrooms: 5
House Number: 901
Year Built: 2021
Garage: Car Garage
Garage Size: 2
Rent (mo): 3400
ROI (ann): 19
Cashflow (mo): 1000
Property Taxes (mo): 133
Insurance (mo): 150
Repairs (mo): 45
Management Fee (mo): 245
Leasing Fee (ann): 1150
HOA (mo): 0
Vacancy Rate (ann): 4
walkscore40 / Car-Dependent more details here

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