I personally purchased this property for $120,000 in June and Leased it after rehab for $1450 a month. This property had already been leased for 24 months at $1200 a month. Let’s look at those numbers.
Rent $1200 Tax $225 Insurance $60 PM $120 Net $790 $790 X 24= $18,960 was the total take minus slime minor repairs during the stay.
The amount of repairs we approx $2000 for the 24 months
The Purchase price in 2021 was $80,000 and we had $15,000 rehab making a total of $95,000. The client wanted to capture the equity without rehab and as is at $120.000.