432 29th Place, Tuscaloosa, AL

14.96% return

SP: $529,900

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Property Description

Hot Property!! Home Of The Crimson Tide & University Of Alabama.

Total of 17 units, a 10 unit and a 7 unit. Units will rent for $550-600 a month. Tenants pay all utilities. Units are separately metered for electric & water. Building is on city water & sewer. Property is inexpensive property to run. 28% population growth in the last 15 years. 200k population in msa. Next to new construction, a large student apartment complex. Minutes away from University of Alabama. Professional property management is available.

Property Information

Listing statusSold
Property typeMulti Family (2 properties)
Total units17
Total bedrooms17
Total bathrooms17
Building size59555 sq. ft.
Lot size0.2 acres
Year built1970

CountyTuscaloosa County
SubdivisionUNIVERSITY MANOR
ConstructionBrick/Frame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingWall unit
CoolingWall A/C

Property Financial Summary

Sale price$529,900
Estimated rehab¹$40,000
Total investment$569,900

TypeProforma
After repair value$637,500
Potential profit$67,600

Gross income (annually)$112,200
Operating expenses (annually)$26,916
Net income (annually)$85,284
Gross return19.69%

Gross income (monthly)$9,350
Operating expenses (monthly)$2,243
Net income (monthly)$7,107
Net return14.96%

Property Income & ExpensesMonthlyAnnual

Income

407 30th Place, 7 UNITS
Unit A: 1 bed / 1 bath$550/month$6,600/year
Unit B: 1 bed / 1 bath$550/month$6,600/year
Unit C: 1 bed / 1 bath$550/month$6,600/year
Unit D: 1 bed / 1 bath$550/month$6,600/year
Unit E: 1 bed / 1 bath$550/month$6,600/year
Unit F: 1 bed / 1 bath$550/month$6,600/year
Unit G: 1 bed / 1 bath$550/month$6,600/year
432 29th Place, 10 UNITS
Unit A: 1 bed / 1 bath$550/month$6,600/year
Unit B: 1 bed / 1 bath$550/month$6,600/year
Unit C: 1 bed / 1 bath$550/month$6,600/year
Unit D: 1 bed / 1 bath$550/month$6,600/year
Unit E: 1 bed / 1 bath$550/month$6,600/year
Unit F: 1 bed / 1 bath$550/month$6,600/year
Unit G: 1 bed / 1 bath$550/month$6,600/year
Unit H: 1 bed / 1 bath$550/month$6,600/year
Unit I: 1 bed / 1 bath$550/month$6,600/year
Unit J: 1 bed / 1 bath$550/month$6,600/year
Total$9,350/month$112,200/year

Expenses

Insurance$300/month$3,594/year
Property Taxes$208/month$2,493/year
Waste Collection$135/month$1,619/year
Maintenance reserve$708/month$8,500/year
Property Management$779/month$9,350/year
Lawn care$113/month$1,360/year
Total$2,243/month$26,916/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.