2242 Hillcrest Dr, Meridian, MS
18.17% return
SP:
Video Photos Street View Map
The slide show is now full screen. Push Escape to exit. You can use the left/right arrows and Home/End buttons to navigate the images.
Slideshow image 1
Slideshow image 2
Slideshow image 3
Slideshow image 4
Slideshow image 5
Slideshow image 6

Property Description

CHARMING MULTIFAMILY!!! 

6 houses and a triplex, total of 9 units on 11.5 acres. 3 hours away from New Orleans. The area is served by two military facilities that employ thousands of people. Separate electric meters. PROPERTY WILL GENERATE AN INSANE 18.17% RETURN!!! Some renovations are needed. Beautiful nature!! $75K IN EQUITY AFTER RENOVATIONS!! 

Property management and financing available!

Property Information

  • Listing statusActive
  • Property typeMulti Family
  • Total units9
  • Total bedrooms15
  • Total bathrooms9
  • Building size6910 sq. ft.
  • Lot size11.5 acres
  • Year built1940 - 1955
  • CountyLauderdale County
  • Subdivision
  • ConstructionFrame
  • RoofAsphalt Shingle, Metal
  • Water sourceCity water
  • Water disposalSeptic
  • HeatingGas Furnace, Window Unit
  • CoolingWindow A/C

Property Financial Summary

  • Sale price $265,000
  • Estimated rehab 1 $80,000
  • Total investment $345,000
  • Type Proforma
  • After repair value $420,000
  • Potential profit $75,000
  • Gross income (annually) $85,800
  • Operating expenses (annually) $23,130
  • Net income (annually) $62,670
  • Gross return 24.87%
  • Gross income (monthly) $7,150
  • Operating expenses (monthly) $1,928
  • Net income (monthly) $5,223
  • Net return 18.17%

Property Income & Expenses

  • Income
  • Single Family #1
  • Unit 1: 1 bed / 1 bath $600/month $7,200/year
  • Single Family #2
  • Unit 1: 2 bed / 1 bath $850/month $10,200/year
  • Single Family #3
  • Unit 1: 2 bed / 1 bath $850/month $10,200/year
  • Single Family #4
  • Unit 1: 2 bed / 1 bath $850/month $10,200/year
  • Single Family #5
  • Unit 1: 2 bed / 1 bath $850/month $10,200/year
  • Single Family #6
  • Unit 1: 2 bed / 1 bath $800/month $9,600/year
  • Triplex
  • Unit 1: 2 bed / 1 bath $850/month $10,200/year
  • Unit 2: 1 bed / 1 bath $750/month $9,000/year
  • Unit 2: 1 bed / 1 bath $750/month $9,000/year
  • Total $7,150/month $85,800/year
  • Expenses
  • Property Taxes $342/month $4,100/year
  • Water, Sewer and Waste $200/month $2,400/year
  • Lawn care $150/month $1,800/year
  • Maintenance reserve $333/month $4,000/year
  • Insurance (estimated) $188/month $2,250/year
  • Property Management $715/month $8,580/year
  • Total $1,928/month $23,130/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.

Share Listing

Contact Property Agent

You need to have an account to send an inquiry.

Log In Register
Copyright by Real Pro, Inc 2022 . All Rights Reserved.