I have come across a property for sale in Rochester, New York which looks like a good deal. The following are the details
A 4 family property with separate utilities, broken down into the following:
Apt. 1 = 2 bed.Rent: $500.00
Apt. 2 = 1 bed.Rent: $350.00
Apt. 3 = 2 bed.Rent: $500.00
Apt. 4 = 1 bed.Rent: $350.00
Total Rent: $1,700 per month. (It is currently tenanted for 1 year. It is covered by the US social welfare system, so the rent is guaranteed to be paid.)
Purchase Price - $60000
Legals, Property Tax, Insurance etc $10000
---------
$70000
Existing Rent (1 yr lease) @ 1700 $20400
---------
Yield 29%
I have seen similar yields in Buffalo. I am wondering if anyone has any experience or comments on this deal or on buying property in Rochester or Buffalo ?
A 4 family property with separate utilities, broken down into the following:
Apt. 1 = 2 bed.Rent: $500.00
Apt. 2 = 1 bed.Rent: $350.00
Apt. 3 = 2 bed.Rent: $500.00
Apt. 4 = 1 bed.Rent: $350.00
Total Rent: $1,700 per month. (It is currently tenanted for 1 year. It is covered by the US social welfare system, so the rent is guaranteed to be paid.)
Purchase Price - $60000
Legals, Property Tax, Insurance etc $10000
---------
$70000
Existing Rent (1 yr lease) @ 1700 $20400
---------
Yield 29%
I have seen similar yields in Buffalo. I am wondering if anyone has any experience or comments on this deal or on buying property in Rochester or Buffalo ?