$24,100 in Equity, Asking Only $59,900 For Investment Property
This is another deal in St Louis, Missouri from a real estate broker in that market.
Estimated value of this property is approximately $84,000. Seller is asking $59,900.
You should inspect and verify this on your own, but the property apparently just needs some paint and minor cosmetic touch up.
It should rent in the $700 per month range. I have estimates of approximately $175 per month extra for taxes, insurance and sewer.
If you were to finance the entire purchase price of $59,900 at 7% for 30 years, your monthly payments would be about $405.40 per month.
If you add in the estimated $175 for taxes, insurance and sewer and you collect $700 per month in rent, you would have a positive cash flow of $119.60 and sitting in a nice equity position for long term wealth building as the mortgage is paid down by the tenant.
Or, sell it on a rent-to-own with payments based on an 8% interest rate on the full $84,000 and get almost $100 more per month in cash flow with a built in buyer in a few years.
For more information on this or other St Louis investor specials, contact me about deal #16 and I will put you in touch with a real estate professional that can represent you in this transaction.
Until my next post,
James
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