A Three Unit building. 2-Two bedroom units face Jones Street. The third unit is a one bedroom unit in the back and one level down. A detached three car garage is in the alley. All units have Living rooms, Kitchens and baths. Units facing Jones Street have 900 Sq FT. basements for laundry and storage, Unit in back has Laundry room on same level. Rents. Currently all three units and one garage are rented. 2 long term tenants and one new tenant. Monthly rents are $1875. 2 Empty garages can be rented for $40 each. annual rents currently $22,500. Property taxes are $2,388 and Insurance is $975. Utilities run $200 a month,about $2400 a year. Assume a $200 monthly cost of repairs and maintenance or $2,400 a year; Total operating expenses about are about $8,200 annually. A conventional Mortgage of 20% down for a 3.625% for a 30 year fixed Mortgage would cost about $675 a month Principal and Interest, or $8,100 Annually. Operating expenses and Mortgage together about $16,300 annually leaving a $6200 annual positive cash flow. About $515 a month. This scenario assumes the borrower can borrow at 3.675% which is high. If a person lived there they would qualify for a home owner home loan at a much lower rate. The right property owner can do some of the maintenance themselves thereby reducing that $2,400 payment to third parties. With interest rates at historical lows there is every reason to invest in small residential properties. They provide stable income, increase value and rents if properly maintained, an interest mortgage deduction annually if a person qualifies and depreciation. The Mortgage Interest and Depreciation have always been a strong component of purchasing income producing property, now with Mortgage Money at historically low rates a Thirty Year Mortgage is almost a gift. Recently work was done on back yard drainage and front porch concrete repair. Currently no major repairs needed. Tenants pay the rent on time. No tenant has requested rent relief under Covid-19 Extensive work done 5 years ago on plumbing for lower unit. Presently I have no pictures except of the exterior. Please do not disturb the tenants. if you are serious call me with any questions. I can always arrange a showing. Thanks Michael
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