735 Chiles Avenue, Lexington, KY 40508
Photo

SOLD


Year Built:  1961

Square Footage:  1206

Bedrooms:  3

Bathrooms:  1

Floors:  1 1/2 

Parking:  Driveway

Lot Size:  0.109 acres

 

Asking Price:  $18,000

PVA Tax Assessment:  $45,000

Comped After Repair Value:  $45,000


Another great deal from Bluegrass Investment Properties.  This property 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 Shepherd @ (859) 359-2245


 BUY& HOLD
 After Repair Value (Comp Avg) = $45,000
 Purchase Price = $48,000
 Rehab = $15,000 (Flooring, paint, misc. updates, etc.)
 Closing = $360 (2% Purchase Price)
 Total Investment = $33,3600
 Instant Equity = $11,640 (26% equity)


 Rent = $650/mo
 Mortgage (80% Total Investment = $26,688, 20yr @ 5%) = $176/mo
 Taxes = $44/mo (Est)
 Insurance = $20/mo (Est)
 Management = $52/mo (8% Rent)
 Reserve Fund = $52/mo (8% Rent)
 Monthly Profit = $306
 Yearly Profit = $3,672
 Cash on Cash Return = 3,672/(0.20*33,360) = 55.0% (Assuming an 80% LTV Refinance)
  73.7% Cash on Cash Return w/o Management or Reserves!