Redding Apartments
1240 Redding Rd, Milledgeville, GA
13.68% return
LP:
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Property Description

***50K SPECIAL!*** Buy this property with $50,000 down! Perfect cashflow investment opportunity. 10 units consisting of 5 duplexes on one parcel. All units are 2bed/1bath. Solid brick construction with concrete slabs. Separate meters for electric and water, tenants pay all utilities. Rented way below market value. HUGE income. Local property management is available. Very inexpensive property to own and maintain. 50k CASH required!

Property Information

  • Listing statusActive
  • Property typeMulti Family
  • Total units10
  • Total bedrooms20
  • Total bathrooms10
  • Building size7662 sq. ft.
  • Lot size1.6 acres
  • Year built1950 - 1964
  • CountyBaldwin County
  • Subdivision
  • ConstructionBrick, CBS
  • RoofShingle
  • Water sourceCity
  • Water disposalSewer
  • HeatingWindow Unit
  • CoolingWindow A/C

Property Financial Summary

  • Asking price $285,000
  • Estimated rehab 1 $10,000
  • Total investment $295,000
  • Type Proforma
  • Gross income (annually) $54,000
  • Operating expenses (annually) $13,629
  • Net income (annually) $40,371
  • Gross return 18.31%
  • Gross income (monthly) $4,500
  • Operating expenses (monthly) $1,136
  • Net income (monthly) $3,364
  • Net return 13.68%

Property Income & Expenses

  • Income
  • 1240 Redding 1/2
  • Unit 1: 2 bed / 1 bath $450/month $5,400/year
  • Unit 2: 2 bed / 1 bath $450/month $5,400/year
  • 1240 Redding 9/10
  • Unit 10: 2 bed / 1 bath $450/month $5,400/year
  • Unit 9: 2 bed / 1 bath $450/month $5,400/year
  • 1240 Redding 3/4
  • Unit 3: 2 bed / 1 bath $450/month $5,400/year
  • Unit 4: 2 bed / 1 bath $450/month $5,400/year
  • 1240 Redding 5/6
  • Unit 5: 2 bed / 1 bath $450/month $5,400/year
  • Unit 6: 2 bed / 1 bath $450/month $5,400/year
  • 1240 Redding 7/8
  • Unit 7: 2 bed / 1 bath $450/month $5,400/year
  • Unit 8: 2 bed / 1 bath $450/month $5,400/year
  • Total $4,500/month $54,000/year
  • Expenses
  • Property Taxes $242/month $2,909/year
  • Insurance $250/month $3,000/year
  • Maintenance reserve $208/month $2,500/year
  • Lawn care $60/month $720/year
  • Property Management $375/month $4,500/year
  • Total $1,136/month $13,629/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 the 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.

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