University Rental

504 Lamar Street, Fort Valley, GA

18.63% return

SP: $89,900

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Property Description

**OPEN HOUSE on Wed April 18th at 2pm** Across the street from Fort Valley State University!!! Don't pass up this great package deal with two triplexes. Property is currently vacant but can generate $2350-2500 a month. Tenants pay all utilities, very inexpensive property to own and maintain. Amazing rental! New roof and central heat & air units installed in 2009. Updated electrical and plumbing. Property desperately needs new ownership.

Property Information

Listing statusSold
Property typeMulti Family
Total units6
Total bedrooms11
Total bathrooms6
Building size(unknown)
Lot size0.3 acres
Year built1967

CountyPeach County
SubdivisionFort Valley (District 03)
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$89,900
Estimated rehab¹$10,000
Total investment$99,900

TypeProforma

Gross income (annually)$26,100
Operating expenses (annually)$7,489
Net income (annually)$18,611
Gross return26.13%

Gross income (monthly)$2,175
Operating expenses (monthly)$624
Net income (monthly)$1,551
Net return18.63%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 2 bed / 1 bath$375/month$4,500/year
Unit 2: 2 bed / 1 bath$375/month$4,500/year
Unit 3: 2 bed / 1 bath$375/month$4,500/year
Unit 4: 2 bed / 1 bath$375/month$4,500/year
Unit 5: 2 bed / 1 bath$375/month$4,500/year
Unit 6: 1 bed / 1 bath$300/month$3,600/year
Total$2,175/month$26,100/year

Expenses

Property Taxes$147/month$1,769/year
Insurance$250/month$3,000/year
Maintenance reserve$167/month$2,000/year
Lawn care$60/month$720/year
Total$624/month$7,489/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.