New Management on 63rd Drive

On Wednesday we closed on an investment home on 63rd Drive; our client purchased a home that we will be managing for rent.  The purchase price was $220,000, and our client put $58,761.17 down including closing costs.  This home rented one day later for $1,300.00, no additional costs were needed, the home was sold move in ready.  Including principal, interest, tax, insurance, home owners fees, and management fees this home has a positive cash flow of $155.68 monthly.  More importantly, if this home’s value increases 4% annually, the return on investment for our new client will be 14.98%.  If you calculate the positive cash flow and the mortgage reduction for one year while subtracting $500.00 for repairs, your return on investment is 22.25%.

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