616 West 47th Street, Savannah, GA

17.75% return

SP: $39,900

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Property Description

Cheap Duplex! Incredible Upside Potential. Comps up to $215K in the subdivision!!! New Roof. Huge rental demand in the area. Near the Savannah College of Art & Design. Needs renovation. Plans approved for 2 - 2/1's. 20%+ gross returns with a 17%+ cap rate is possible.

Property Information

Listing statusCancelled
Property typeMulti Family
Total units2
Total bedrooms2
Total bathrooms2
Building size(unknown)
Lot size0.0 acres
Year built1950

CountyChatham County
Subdivision
ConstructionCBS
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingNONE
CoolingNONE

Property Financial Summary

Sale price$39,900
Estimated rehab¹$30,000
Total investment$69,900

TypeProforma
After repair value$100,000
Potential profit$30,100

Gross income (annually)$14,400
Operating expenses (annually)$1,993
Net income (annually)$12,407
Gross return20.60%

Gross income (monthly)$1,200
Operating expenses (monthly)$166
Net income (monthly)$1,034
Net return17.75%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 1 bed / 1 bath$600/month$7,200/year
Unit 2: 1 bed / 1 bath$600/month$7,200/year
Total$1,200/month$14,400/year

Expenses

Property Taxes$16/month$193/year
Insurance$67/month$800/year
Maintenance reserve$83/month$1,000/year
Total$166/month$1,993/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.