216 Mimosa Drive, Palatka, FL

10.45% return

SP: $114,900

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Property Description

Awesome duplex! This amazing property will generate a solid 10% return on investment. $200,000 replacement cost. Metal roof, concrete block construction. Great tenants, completely turnkey, with management in place. Very inexpensive property to maintain as tenants pay all utilities. Only one hour away from St Augustine.

Property Information

Listing statusSold
Property typeMulti Family
Total units2
Total bedrooms4
Total bathrooms2
Building size2258 sq. ft.
Lot size0.2 acres
Year built1975

CountyPutnam County
Subdivision
ConstructionCBS
RoofGalvanized
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$114,900
Estimated rehab¹$0
Total investment$114,900

TypeProforma

Gross income (annually)$16,800
Operating expenses (annually)$4,792
Net income (annually)$12,008
Gross return14.62%

Gross income (monthly)$1,400
Operating expenses (monthly)$399
Net income (monthly)$1,001
Net return10.45%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 2 bed / 1 bath$650/month$7,800/year
Unit 2: 2 bed / 1 bath$750/month$9,000/year
Total$1,400/month$16,800/year

Expenses

Property Taxes$169/month$2,032/year
Insurance$117/month$1,400/year
Lawn care$30/month$360/year
Maintenance reserve$83/month$1,000/year
Total$399/month$4,792/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.