Property Description:
Charming 2BD/1BA Home located in NE Portland.
*Remodeled in 2012.
*Currently occupied by tenant for the past 5 years (income from day one!)
$1160/month current rent (inlcudes HOA and garbage pick up). $1,500/month should easily be attainable goal from the start as $2,000/month is the market rent in this area.
*Double digit cash on cash return for a quick, cash transaction of >10%, do nothing to bring rents to market and still realize an 8% ROI
*After a cash closing and refinancing, the ROI (accounting for principal, 5% interest, taxes, insurance, HOA, and a rent of $1500) would be a whopping >11%! Plenty of buffer for vacancy rate, property management costs, and reserve budget!
*Motivated seller, needs to close fast
*Purchase Price: $174,000
Rare opportunity for net positive cash flow in the Portland area