Turnkey Rental

2450 King Street, Tallahassee, FL

14.34% return

SP: $54,900

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Property Description

HOT! Located in the states capital Tallahassee, FL. Turnkey duplex one unit is a 2/1 the other unit is a 3/1. Awesome cashflow!. Fully occupied with long term tenants. Building has separate electric and water meters with tenants paying all utilities. The expenses are low. Rented way below market value. Can generate $1100+ a month in gross rents and a 18%+ cap rate is possible!

Property Information

Listing statusSold
Property typeMulti Family
Total units2
Total bedrooms5
Total bathrooms2
Building size1566 sq. ft.
Lot size0.1 acres
Year built1964

CountyLeon County
SubdivisionHILL TERRACE
ConstructionCBS
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$54,900
Estimated rehab¹$0
Total investment$54,900

TypeActual

Gross income (annually)$9,840
Operating expenses (annually)$1,965
Net income (annually)$7,875
Gross return17.92%

Gross income (monthly)$820
Operating expenses (monthly)$164
Net income (monthly)$656
Net return14.34%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 3 bed / 1 bath$410/month$4,920/year
Unit 2: 2 bed / 1 bath$410/month$4,920/year
Total$820/month$9,840/year

Expenses

Property Taxes$50/month$605/year
Insurance$83/month$1,000/year
Lawn care$30/month$360/year
Total$164/month$1,965/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.