Value Add

1603 Penny Avenue, Sebring, FL

13.47% return

SP: $69,900

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Property Description

Handyman special. Amazing value add opportunity. Each unit can easily rent for $650/month. Property needs some work and a new owner. Large building. Concrete block stucco. Separate meters. Central heat and air ducts in place. Tons of potential for appreciation, value add and great cash-flow. Minutes from downtown Sebring, FL.

Property Information

Listing statusSold
Property typeMulti Family
Total units2
Total bedrooms6
Total bathrooms2
Building size2707 sq. ft.
Lot size0.3 acres
Year built1973

CountyHighlands County
SubdivisionPENNY HEIGHTS SUB
ConstructionCBS
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$69,900
Estimated rehab¹$10,000
Total investment$79,900

TypeProforma

Gross income (annually)$15,600
Operating expenses (annually)$4,841
Net income (annually)$10,759
Gross return19.52%

Gross income (monthly)$1,300
Operating expenses (monthly)$403
Net income (monthly)$897
Net return13.47%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 3 bed / 1 bath$650/month$7,800/year
Unit 2: 3 bed / 1 bath$650/month$7,800/year
Total$1,300/month$15,600/year

Expenses

Property Taxes$107/month$1,281/year
Insurance$100/month$1,200/year
Maintenance reserve$167/month$2,000/year
Lawn care$30/month$360/year
Total$403/month$4,841/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.