107 West 2nd Street, Clarksdale, MS

17.28% return

SP: $795,000

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Property Description

ONLY $22K PER DOOR - A BARGAIN TO BE HAD!

35 units in Clarksdale, MS. Properties consist of a 9 unit building and a 26 unit building. Located in an area of rich culinary, religious, artistic, and literary heritiage. Separate electric meters. Potential to generate over $220k PER YEAR and a 17.28% NET RETURN!! Newer roof. Tankless water heaters. This deal will not last!

Property managemnet and financing available!

Property Information

Listing statusSold
Property typeMulti Family (2 properties)
Total units35
Total bedrooms55
Total bathrooms35
Building size24457 sq. ft.
Lot size0.0 acres
Year built1950

CountyCoahoma County
Subdivision
ConstructionFrame, Brick
RoofAsphalt Shingle, Roll Composite
Water sourceCity water
Water disposalSewer
HeatingWindow Unit
CoolingWindow A/C

Property Financial Summary

Sale price$795,000
Estimated rehab¹$200,000
Total investment$995,000

TypeProforma

Gross income (annually)$252,300
Operating expenses (annually)$80,350
Net income (annually)$171,950
Gross return25.36%

Gross income (monthly)$21,025
Operating expenses (monthly)$6,696
Net income (monthly)$14,329
Net return17.28%

Property Income & ExpensesMonthlyAnnual

Income

107 West 2nd Street, Main
Unit 1: 1 bed / 1 bath$525/month$6,300/year
Unit 2: 1 bed / 1 bath$525/month$6,300/year
Unit 3: 1 bed / 1 bath$525/month$6,300/year
Unit 4: 1 bed / 1 bath$525/month$6,300/year
Unit 5: 1 bed / 1 bath$525/month$6,300/year
Unit 6: 1 bed / 1 bath$525/month$6,300/year
Unit 7: 2 bed / 1 bath$625/month$7,500/year
Unit 8: 2 bed / 1 bath$625/month$7,500/year
Unit 9: 2 bed / 1 bath$625/month$7,500/year
125 West 2nd Street, Main
Unit 1: studio / 1 bath$450/month$5,400/year
Unit 2: studio / 1 bath$450/month$5,400/year
Unit 3: studio / 1 bath$450/month$5,400/year
Unit 4: studio / 1 bath$450/month$5,400/year
Unit 5: 1 bed / 1 bath$550/month$6,600/year
Unit 6: 1 bed / 1 bath$550/month$6,600/year
Unit 7: 1 bed / 1 bath$550/month$6,600/year
Unit 8: 1 bed / 1 bath$550/month$6,600/year
Unit 9: 2 bed / 1 bath$650/month$7,800/year
Unit 10: 2 bed / 1 bath$650/month$7,800/year
Unit 11: 2 bed / 1 bath$650/month$7,800/year
Unit 12: 2 bed / 1 bath$650/month$7,800/year
Unit 13: 2 bed / 1 bath$650/month$7,800/year
Unit 14: 2 bed / 1 bath$650/month$7,800/year
Unit 15: 2 bed / 1 bath$650/month$7,800/year
Unit 16: 2 bed / 1 bath$650/month$7,800/year
Unit 17: 2 bed / 1 bath$650/month$7,800/year
Unit 18: 2 bed / 1 bath$650/month$7,800/year
Unit 19: 2 bed / 1 bath$650/month$7,800/year
Unit 20: 2 bed / 1 bath$650/month$7,800/year
Unit 21: 2 bed / 1 bath$650/month$7,800/year
Unit 22: 2 bed / 1 bath$650/month$7,800/year
Unit 23: 2 bed / 1 bath$650/month$7,800/year
Unit 24: 3 bed / 1 bath$750/month$9,000/year
Unit 25: 3 bed / 1 bath$750/month$9,000/year
Unit 26: 3 bed / 1 bath$750/month$9,000/year
Total$21,025/month$252,300/year

Expenses

Property Taxes$1,483/month$17,800/year
Utilities$1,400/month$16,800/year
Insurance (estimated)$1,167/month$14,000/year
Maintenance reserve$621/month$7,450/year
Property Management$1,675/month$20,100/year
Lawn care$350/month$4,200/year
Total$6,696/month$80,350/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.