FSU Rental Home Package | EquityPro
71
14.36% Estimated APY
$325,000 Investor Price
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91 Ben Yonge
104 Bob Tosi
230 Brandon Jenkins
198 Cesar Sagastume
228 Chris Chuck
199 David Sheehan
105 Jason Bobbitt
211 Jeremy Howells
107 John Barber
203 Jonathan Rokh
196 Josh Black
208 Mike McKernan
218 Rene Droz
179 Rusty Longaberger
223 Ryan Akers
210 Shakira Thompson
227 Shaun Rourke

FSU Rental Home Package

32 bed / 16 bath10,905 sq ft Built in 1951Single Family
71
Occupancy Status
Low High
20/20
Level of Rehab
Heavy Light
12/20
Location of Neighborhood
Far Close
10/20
Quality of Floor Plan
Choppy Flowing
15/20
School Rating
F A
7/10
Placement in Neighborhood
Busy Calm
7/10
Property Details

This high equity opportunity is made up of 14 properties, 9 of which are located in Tallahassee, Florida all within a 5 to 10 minute radius of Florida State University. Out of these 9 properties, 7 are single family homes, 1 is a duplex, and 1 a condo. The other 6 properties are located just beyond the outskirts of Tallahassee in the cities of Quincy and Gretna, Florida. 3 of these are single family homes, 1 is a mobile home, and the other is vacant land.

This package is currently generating $4325 in monthly income with one property in eviction, 2 homes vacant, and 3 tenants in arrears. Once fully performing, we anticipate a conservative monthly rental income between $7800 to $8200, well over a 12% yield.

This package makes for a great opportunity for an investor looking for a mostly performing rental portfolio with a big upside and big equity built in. The majority of the homes are located in solid flip areas as well, so we've included some comparable sales in the area to show what some of these homes can sell for at retail. We've given this package a conservative retail value of $700,000. Please contact your EquityPro Advisor for additional details.

We recommend rent
Rental Income
$7,660 mo. / $91,920 yr.
Investor Price
$325,000
Closing Costs to Buy
$8,000
Rehab Projection
$49,000
Utilities
$3,500
Property Insurance
$14,000 / yr.
Estimated Taxes
$9,852 / yr.
Property Management
$9,192 / yr.
Maintenance
$3,500 / yr.
HOA Dues
$0 / yr.
$55,376
Projected Income
14.36%
Estimated APY
After Repair Value
$700,000
Investor Price
$325,000
Closing Costs to Buy
$8,000
Rehab Projection
$0
Utilities
$3,500
Closing Costs to Sell
$7,000
Listing Agent Commission
$17,248
$339,253
Total Projected Profit
94.04%
Estimated ROI

Comps

Listed
Pending
Sold
513 W 6TH Tallahassee, FL 32303 1947 Built Short Sale $83,000
2 bed / 1 bath 836 sq ft Sold 03/03/16
447 W 6TH AVE Tallahassee, FL 32303 Built 1949 $135,000
3 bed / 1 bath 1,168 sq ft Sold 12/29/16
1206 N MLK Tallahassee, FL 32303 Built in 1955 $89,000
3 bed / 1 bath 864 sq ft Sold 02/17/17
2040 Warwick Tallahassee, FL 32310 Built 1958 Investor Special $37,000
3 bed / 1 bath 864 sq ft Sold 08/19/16
Rent Rehab Details
Exterior
Other
$8,000.00
Possible evictions (4) x 2,000 =$8,000
Roof
$18,000.00
A few of the properties may need new roofs (4) x 4,500=18,000
Systems
Outside Air Condensor
$3,000.00
May have to replace wall units on some properties (5)(2)x300=$3,000
Interior
Carpet
$10,000.00
Some may need new carpet (10) x 1,000= $10,000
Interior paint
$10,000.00
Some may need paint touch up (10) x 1,000= $ 10,000