900k Available Financing /Includes 350k Escrow Repair Fund, w/665K + 3% Bird Dog Fee Down At Closing!
Direct Capitalization Summery at Stablized Occupancy Income Potential Gross Income $331,177 Less: Vacancy and Collection Loss (20%) ($66,235) Effective Gross Income $264,942
Expenses Replacement Reserves ($.30/sl) ($15,637) Management Expense (5%) ($13,.247) Total Expenses $28,884 OER 10.90%
Net Operating Income $236,058 CAPITALIZATION OF NOI @ 11%: $2,145,981 Value Estimate - As If stabilized (Rounded) $2,150,000
Less Cost to Achieve Stabilized Occupancy ($354,970) Value Estimate - As Is $1,795,030 Value Estimate - As Is Rounded $1,800,000
***This Deal Will Not Last Long***
This property was taken back in a foreclosure by my client and is being sold at 62% of it's recent appraised value. This property is currently vacant and has been used as a church facility, banking facility. Financing is available for this property through private sources up to 900k and will include a 350k Renovation Fund to be held in escrow. The purchase will require $665,000 down which will include down payment, closing costs, fees, title etc... and 3% Bird Dog Fee. Terms of the the loan will be a 700k 1st lien @12%/2 year I/O and a 200k 2nd, 15%/10 Year Amortized. If you are interested in acquiring this property please contact Shirley Wilson at above email address. Serious inquires only!