2242 Hillcrest Drive, Meridian, MS

18.17% return

SP: $265,000

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Property Description

CHARMING MULTIFAMILY!!!

6 houses and a triplex, total of 9 units on 11.5 acres. 3 hours away from New Orleans. The area is served by two military facilities that employ thousands of people. Separate electric meters. PROPERTY WILL GENERATE AN INSANE 18.17% RETURN!!! Some renovations are needed. Beautiful nature!! $75K IN EQUITY AFTER RENOVATIONS!!

Property management and financing available!

Property Information

Listing statusCancelled
Property typeMulti Family
Total units9
Total bedrooms15
Total bathrooms9
Building size6910 sq. ft.
Lot size11.5 acres
Year built1940 - 1955

CountyLauderdale County
Subdivision
ConstructionFrame
RoofAsphalt Shingle, Metal
Water sourceCity water
Water disposalSeptic
HeatingGas Furnace, Window Unit
CoolingWindow A/C

Property Financial Summary

Sale price$265,000
Estimated rehab¹$80,000
Total investment$345,000

TypeProforma
After repair value$420,000
Potential profit$75,000

Gross income (annually)$85,800
Operating expenses (annually)$23,130
Net income (annually)$62,670
Gross return24.87%

Gross income (monthly)$7,150
Operating expenses (monthly)$1,928
Net income (monthly)$5,223
Net return18.17%

Property Income & ExpensesMonthlyAnnual

Income

Single Family #1
Unit 1: 1 bed / 1 bath$600/month$7,200/year
Single Family #2
Unit 1: 2 bed / 1 bath$850/month$10,200/year
Single Family #3
Unit 1: 2 bed / 1 bath$850/month$10,200/year
Single Family #4
Unit 1: 2 bed / 1 bath$850/month$10,200/year
Single Family #5
Unit 1: 2 bed / 1 bath$850/month$10,200/year
Single Family #6
Unit 1: 2 bed / 1 bath$800/month$9,600/year
Triplex
Unit 1: 2 bed / 1 bath$850/month$10,200/year
Unit 2: 1 bed / 1 bath$750/month$9,000/year
Unit 2: 1 bed / 1 bath$750/month$9,000/year
Total$7,150/month$85,800/year

Expenses

Property Taxes$342/month$4,100/year
Water, Sewer and Waste$200/month$2,400/year
Lawn care$150/month$1,800/year
Maintenance reserve$333/month$4,000/year
Insurance (estimated)$188/month$2,250/year
Property Management$715/month$8,580/year
Total$1,928/month$23,130/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.