AMAZING MONEY MAKER-DELIVERED VACANT AND FULLY RENOVATED. Fully renovated-New Roof, Upgraded/Updated Electric, New Electric Heat, New plumbing, new Windows, New Flooring, New Kitchen Cabinets, etc.All tenants pay their own electric charges-Heat, hot water and cooking are all electric paid for by the tenant Landlord pays for electric in common areas and the water but the water line going to each apartment is separate and has a meter so landlord can see the usage of each apartment or may charge tenant for water. Apt 1A: Studio: 750 Apt 1B: 2-3 bedroom/1 bath: 1,400 Apt 2: 2-3 bedroom/1 bath: 1,300 Apt 3: 2 bedroom/1 bath: 1,300 Total rent: 4,750 (These rents can easily be higher as there are very few apartments for rent in this area and more people are moving to this area) Annual Revenue: 57,000 Expenses: 17,850-Taxes: 9,600 (County 2,116, School 3,446, Village 4,038), Insurance 2,000, Water/Sewer 2,500, Repairs/Maintenance: 3,000, Electric 750 NOI: 39,150 Cap Rate: 39,150/390,000= 10%
