415 Michigan St, Lexington, KY 40508


Year Built:  1920

Square Footage:  770

Bedrooms:  1 (Big BR remodeled from original 2BR)

Bathrooms:  1

Floors:  Ranch on Crawl Space

Parking:  Driveway

Lot Size:  0.0579 acres

Asking Price:  $20,400

PVA Tax Assessment:  $45,000

After Repair Value = $45,000

Another great deal from Bluegrass Investment Properties.  This property is READY TO RENT and can become your next cash flowing rental.  Our deals typically don't stay available for more than just a few hours.  If you are a serious investor, you should call now for an inspection!  Call Clark @ (859) 321-6618

Updated, all-brick home; replacement windows with wrapped exterior; Driveway parking; fenced yard; great, clean rental located close to Bluegrass Community & Technical College.  Rent Ready!

 After Repair Value = $45,000
 Purchase Price = $20,400
 Rehab = $1,500 (If wanted, new paint and carpet)
 Closing = $408 (2% Purchase Price)
 Total Investment = $22,308
 Instant Equity = $22,692 (50.4% Equity)

 Rent = $500/mo
 Mortgage (80% Total Investment = $17,847, 20yr @ 5%) = $118/mo
 Taxes = $45/mo (Est)
 Insurance = $20/mo (Est)
 Management = $40/mo (8% Rent)
 Reserve Fund = $40/mo (8% Rent)
 Monthly Profit = $237
 Yearly Profit = $2,844
 Cash on Cash Return = 2,844/(0.20*22,308) = 63.7% (Assuming an 80% LTV Refinance)
 85.3% Cash on Cash Return w/o Management or Reserves!

Disclaimer: Please do your own due diligence.  House is being sold as-is, and buyer is to pay all closing costs.  Price based on a cash or hard money offer.  All properties offered are either owned by Bluegrass Investment Properties LLC, under contract and selling equitable interest, or offered in conjunction with a business associate. All offers on properties require proof of funds, $2,000 non-refundable earnest deposit and 10 day close of escrow.  No waiting for a response.  We respond immediately to an offer.