209 Pennington Street, Brookhaven, MS
15.39% return
SP:
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Property Description

Great investment!!!

8 units. 7 x 2bed/1bath and 1 x 1bed/1bath. Fully occupied. Long term tenants. Property is in very good condition. Nice metal roof. Central heat & air. Rents need to be increased. Separate electric meters. Inexpensive to own and operate. 15.39% NET RETURN ON INVESTMENT!!!! Nice town. Only an hour away from a major city. 

Professional management and financing is available. 

Property Information

  • Listing statusSold
  • Property typeMulti Family
  • Total units8
  • Total bedrooms14
  • Total bathrooms8
  • Building size5000 sq. ft.
  • Lot size0.0 acres
  • Year built1975
  • CountyLincoln County
  • Subdivision
  • ConstructionBrick/Frame
  • RoofMetal
  • Water sourceCity water
  • Water disposalSewer
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Sale price $265,000
  • Estimated rehab 1 $0
  • Total investment $265,000
  • Type Proforma
  • Gross income (annually) $50,400
  • Operating expenses (annually) $9,629
  • Net income (annually) $40,771
  • Gross return 19.02%
  • Gross income (monthly) $4,200
  • Operating expenses (monthly) $802
  • Net income (monthly) $3,398
  • Net return 15.39%

Property Income & Expenses

  • Income
  • Unit 1: 2 bed / 1 bath $550/month $6,600/year
  • Unit 2: 2 bed / 1 bath $550/month $6,600/year
  • Unit 3: 2 bed / 1 bath $550/month $6,600/year
  • Unit 4: 2 bed / 1 bath $550/month $6,600/year
  • Unit 5: 1 bed / 1 bath $450/month $5,400/year
  • Unit A: 2 bed / 1 bath $550/month $6,600/year
  • Unit B: 2 bed / 1 bath $550/month $6,600/year
  • Unit C: 1 bed / 1 bath $450/month $5,400/year
  • Total $4,200/month $50,400/year
  • Expenses
  • Property Taxes $173/month $2,081/year
  • Water and Sewer $208/month $2,500/year
  • Insurance (estimated) $167/month $2,000/year
  • Waste Collection $104/month $1,248/year
  • Fire service fee $150/month $1,800/year
  • Total $802/month $9,629/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 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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