Uncategorized

Another Successful Turn Key

3524 N 23rd St, Milwaukee WI
Tenant upstairs paying $400.00 to the city
Downstairs vacant

Front.JPG

Property listed in November & exclusively opened to
owner-occupants only for the first 30 days
No one purchased it!
We placed Offer: December 29th 2015
Offer Accepted: January 7th 2016
Stalled for closing to have some repairs done:
1: City paid $1,200 to install new water heater and repair broken lines
2: We completed electrical and other repairs
Closed: March 3rd after the city repaired the water lines
Rented downstairs March 15th
Applied for lead abatement March 31st
City paying $1088 to replace 34 windows
We pay $1077, approximately 10%

3524 N 23rd

Expenses Income
Income
Tenant 1 $400.00
Tenant 2 $500.00
Expenses
Mortgage $0.00
Property Taxes* $0.00
Cleaning $20.00
Insurance $65.00
Eviction** $0.00
Repairs $0.00
• Painting $20.00
• Plumbing $20.00
• Electrical $20.00
• Appliances $0.00
• Structure $30.00
Supplies $0.00
Telephone $0.00
Travel $0.00
Wages $50.00
Water / Sewer / Rubbish $100.00
Yard/Snow $0.00
Utilities $0.00
Depreciation Expense $0.00
Other $0.00
Fed Tax $0.00
State Tax $0.00
TOTALS $325.00 $900.00
In The Pocket $575.00
Annual $6,960.00
Years to Reach Capital Investment 3

*Property tax not due until the 2nd January after purchase
** Eviction costs $215 and is typically covered in rental deposit

Sale Distribution (after 9 years)

Investment Net Proceeds APR
$20,000.00 $82,100.00

Property

Property Type Duplex
Bedrooms 4
Bath 2
Units 2
Price Per Unit $10,000.00
Total Sq.Ft. 2,622
Price Per Sq.Ft. $3.81
Tax Per Sq.Ft. $0.11
Income Per Unit $400.00
Expense Per Unit $320.00

Acquisition

Purchase Price $9,450.00
Renovation Costs $10,550.00
Investment Total $20,000.00

Assessed Value

Land $2,600.00
Structure $31,700.00
Total $34,300.00
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