Great "Fix and Hold" Investment Property Purchase
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Many newer investors ask what kinds of “deals” I am seeing in the market today. As an example, here is the breakdown of a “Fix and Hold” Investment Property that we will close on in August:
Property Details
27xx Bloomington Avenue South, Minneapolis, is a Duplex (3br up/3br down) in a decent neighborhood that is currently vacant, bank owned, has been on the market for 9 months and needs about $10k in renovations.
Financial Details
Purchased for $94,500 with 10% down on an option ARM, the mortgage payment will be $396 per month (plus escrow & expenses). Three-bedroom apartments in that neighborhood rent for $900-950. The tenants pay all bills except water/sewer/garbage, taxes and insurance. The net income on this property will be over $1000 per month. Plus, it should appraise for $160k once all renovations are complete.
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