jrabedeau 0 Report post Posted November 17, 2006 22 Unit in Sarasota is now pending but have a new one for you! 15 Unit in N Ft Myers, FL - Potential Cashflow with possible Owner Held Note. I have an executable interest in this property and am assigning my contract. Owner needs to get $650,000 and is willing to owner finance the rest, interest free for the first 6 months with full amount due in one year. The units should generate over $9,000 per month of income when fully rented out. Address is 1763 WOODWARD AVE, NORTH FORT MYERS FL 33903. This property was purchased last year and has had major rehab completed. Rehab that is completed includes New roofs, New Septics, New Floors, New exteriors, stucco, paint and vinyl, Replaced appliances, relaid sod and cleaned it up. Total Rehab has been almost $200,000 as there were major hurdles in the septic systems that are now fixed. There is some rehab left, but nothing major, definately under $20,000. The property is just starting to be rented out. Three of the units are currently rented with people calling everyday. The rents are 655 one bedroom, 625 efficiency, and 750 one bedroom (electric and water included estimated cost of $75 per unit). Based on calls and area, rents should be something like this: Efficiencies – 7 units $625 with electric and water we estimate to be about $50 a month owner is thinking about converting 3 of these into 1 bed units, 1 Bedrooms – 7 units $750 with Electric and water estimated expense is $75 a month, 4bed 2 bath - $1000 a month. They pay own electric we pay water. Owner also willing to guarantee rents, price would need to be increased for him to do this. Example: Bumping the price up $120k to get $10k a month for one year. This deal has several creative options for you! Price to you is $908,000 - Pics and more at http://www.buyahous efromray. com/1763woodward CALL ME! JEFF 239.699.9668 or EMAIL ME jrabedeau@yahoo.com! Thanks, Share this post Link to post Share on other sites
