Here is your opportunity to own 1, 2, . . . . 8 townhome units in the same location.
- Currently, townhomes are professionally managed with strong payment history.
- These rentals are in a stable area and have been well maintained.
- Three of the townhomes have been renovated and leased for $995/mo.
- The five unrenovated units are rented for an average of $730.
- With some cosmetic renovations you’ll have the opportunity to raise rents on the portfolio more than $1,000 (to $1150) per month.
- A recent sale in this complex was for $115,000
- All the townhomes are rented
- Seller is selling all 8 and is asking $725,00 for all ($90,625 per unit)
- Area is blue-collar with steady rent demand and growth but low appreciation growth.
Who and why consider these townhomes
- Low price point – asking is ~$90K and we hope to get it below the asking.
- Affordable: this area of Birmingham, AL is a great area to purchase a home due to the fact that it is very affordable. The median home price in this zip code is $122,400, compared to a median home price of $205,700 in the state of Alabama.
- Location: conveniently located near major highways, universities, and downtown Birmingham, making it a great location for commuting and leisure activities.
- Amenities: has a variety of local amenities, including grocery stores, parks, and entertainment venues.
- Communities: These neighborhoods offer a great sense of community and are filled with friendly, welcoming neighbors.
- Appreciation Potential: Homes in this area have seen their values steadily appreciating over the past few years, making it a great area for investing in a home.
- Priority will be given to a one-buyer who can buy all the units or to a buyer that buys multiple units.
|Unit||BED||BATH||SQFT||GARAGE||End Unit||Garage/ basement||Renovated/|
|RENT||Market Rent||Avg Rent||LEASE DATE|
SDI have broken the asking price per unit based on: size, un/renovated, garage, and end-unit vs. middle-unit.
|Unit||Adjusted Asking*||Suggested Offer**||Mortgage***||PM||Ins||Main.||Leasing||Prop Taxes||Vacancy||Expenses||CF|
* SDI’s adjusted asking per unit based on sq ft, un/renovated, garage, and end-unit vs. middle-unit.
** SDI suggested offer assuming the purchase of all 8.
*** Assuming 25% down-payment and 6.5% int. rate.
- Eastern Manor Payment History 10.22
- Eastern Manor Rent Roll December 22
- Can I buy with a mortgage?
- Yes, and we have preferred lenders for you to use if you wish.
- 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?
- Is there a way for me to buy all and get financing for all of them under 1 mortgage?
- It may be possible to bundle 2 or more adjacent ones under one mortgage – further details are needed to be considered with the lender
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.
- Updated On:
- November 7, 2023
- Year Built: 1990
- Principal and Interest
- Property Tax
- HOA fee