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2 Unit Income Property For Sale in Gilbert
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Property Description |
PRICE REDUCED Not only are Gilbert rental properties hard to find but this one actually has a real positive cashflow. There's a 3 bedroom 1 1/2 bath house up front, and a 2 bedroom 1 bath guesthouse in the back.
The guesthouse is detached with a private fenced yard, and private access and parking through the alley in the back of the lot.
Both units have tile flooring everywhere and come with all kitchen appliances. Both units have washer and dryer hookup but the guesthouse has its own large laundry/storage room.
The elementary school is 1/2 a block away and the new Boy's and Girl's Club is even closer than that making this as easy renter. Both units are occupied with good tenants. The front house rents for $899.00, and the guesthouse rents for $595.00.
Tenants pay all utilities. There are submeters between the house and guesthouse for water and electric. The landlord pays water and electric, devides it between the tenants, and the tenants pay the landlord.
Here are the numbers.
Sale Price......240,000.00
Down ............24,000.00
Seller carry ....24,000.00
Income
Rents ...........17,928.00
Vac. 5% ............896.40
Other ..............608.33
Expenses
Taxes ..............700.00
Insurance ..........550.00
Repairs ............1200.00
..................2,450.00
Net Income ......15,189.93
Debt service (loan) .......11,520.00 6% interest only
Seller note ................1,560.00 6.50% interest only
Net Cashflow ...............2,109.93
CAP ............................6.33
Return on Cash .................8.79%
Return with 2% appriciation ...28.79%
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| Contact person: |
Calvin |
| Seller Type: |
PrivateOwner |
| Phone: |
602-828-0526 |
| Email: |
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| Web Link: |
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| Listing Status: |
For Sale |
| Property Type: |
Duplex |
| Price($): |
240000 |
| Street Address: |
122 W Washington Ave |
| City: |
Gilbert |
| Region: |
Arizona |
| ZIP/Postal Code: |
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| Bedrooms: |
3+2 |
| Bathrooms: |
1.5 + 1 |
| Stories: |
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| Square Feet: |
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| Lot Size: |
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| Year Built: |
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| Owner Finance: |
Yes |
| Cap Rate: |
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| Net Operating Income: |
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| Price Per Square Foot: |
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