120 Leflore Avenue, Clarksdale, MS

14.10% return

SP: $595,000

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Property Description

TURNKEY INVESTMENT!!!!

Beautiful 16 unit complex. Only $37k per unit!!! Great condition. New roofs. High quality hardwood floors. Low maintenance cedar siding. Separate electric, water and gas meters, tenants pay all utilities!!! Potential to generate 14.2%+ NET RETURN ON INVESTMENT!!! ONLY $37K PER UNIT!!! Great for an out of state investor.

Financing and property management is available.

Property Information

Listing statusSold
Property typeMulti Family
Total units16
Total bedrooms32
Total bathrooms16
Building size12906 sq. ft.
Lot size0.5 acres
Year built1950

CountyCoahoma County
Subdivision
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$595,000
Estimated rehab¹$0
Total investment$595,000

TypeProforma

Gross income (annually)$124,800
Operating expenses (annually)$40,923
Net income (annually)$83,877
Gross return20.97%

Gross income (monthly)$10,400
Operating expenses (monthly)$3,410
Net income (monthly)$6,990
Net return14.10%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit 1: 2 bed / 1 bath$650/month$7,800/year
Unit 2: 2 bed / 1 bath$650/month$7,800/year
Unit 3: 2 bed / 1 bath$650/month$7,800/year
Unit 4: 2 bed / 1 bath$650/month$7,800/year
Unit 5: 2 bed / 1 bath$650/month$7,800/year
Unit 6: 2 bed / 1 bath$650/month$7,800/year
Unit 7: 2 bed / 1 bath$650/month$7,800/year
Unit 8: 2 bed / 1 bath$650/month$7,800/year
Building 2
Unit 9: 2 bed / 1 bath$650/month$7,800/year
Unit 10: 2 bed / 1 bath$650/month$7,800/year
Unit 11: 2 bed / 1 bath$650/month$7,800/year
Unit 12: 2 bed / 1 bath$650/month$7,800/year
Unit 13: 2 bed / 1 bath$650/month$7,800/year
Unit 14: 2 bed / 1 bath$650/month$7,800/year
Unit 15: 2 bed / 1 bath$650/month$7,800/year
Unit 16: 2 bed / 1 bath$650/month$7,800/year
Total$10,400/month$124,800/year

Expenses

Property Taxes$835/month$10,023/year
Insurance (estimated)$542/month$6,500/year
Maintenance reserve$833/month$10,000/year
Waste Collection$250/month$3,000/year
Lawn care$50/month$600/year
Property Management$900/month$10,800/year
Total$3,410/month$40,923/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.