$148,800

3 bed, 1 bath ·  1328 sqft ·  BUILT 1913 


REFERRAL PROGRAM

Refer someone to Turnkey Iowa. If this leads to a sale, you receive $500 for the first property. Any subsequent properties, you receive $250.

This property has been transformed into a beautifully updated home. As we’re often able to do with larger homes, we converted one of the two living spaces into an additional bedroom, which is more desirable to modern living arrangements.

We were also able to convert the front porch into an additional living space, which could be used as an office or bonus room. We added barn style doors between the new office and living area to allow the tenant to utilize this space to fit their needs.

Additionally, the kitchen and bathroom were fully remodeled and new luxury vinyl plank flooring added throughout.

**Please note**

The current rent is $1200/month. This was our original rent projection, before we decided to convert the porch to an office. At that time, the lease had already been signed and could not be changed. Going forward, we are confident that rent will be at least $1295/month due to this additional living space, and this property is priced accordingly. We will include a credit of $1,140 ($95x12) at closing, to compensate for the current rent price. The current lease expires on 4/1/2022.

Please click below to see the full list of rehab items and the summary of systems.


MARKEt RENT

$1,200

Cap Rate

6.1%

neighborhood

2


CASH PURCHASE

annual profit

$13,535

ANNUAL Rate of return

9.0%


FINANCED PURCHASE

ANNUAL profit

$9,544

ANNUAL rate of return

30.2%