7th Ave SBirmingham, AL 35206
1150 sq. ft., 3 bedroom / 2.0 bathroom
Property Information
| Current Status | Occupied |
|---|---|
| Lease Start Date | 01/01/1970 |
| Lease End Date | 01/01/1970 |
| Utilities | Paid by Tenant |
| Initial Investment* | $42,913 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $155,000
| Current Rent | $1210 |
| Cap Rate | 7% |
| Cash on Cash Return* | 8% |
| Net Cash Flow Per Month* | $293 |
*Assuming 25% down with a loan at 1PTS + 5.5% interest for 30 years. Including equity build up and 3% appreciation per year.
This property comes with guaranteed rent for the first 12 months.
- About This Property
Check this one out! Super spacious and totally renovated, it features 3 beds, 2 baths, open floor plan, screened in porch, huge outside storage building/garage and large flat lot!
Renovations include:
Roof
• Minor Roof Repairs
HVAC
• Replace HVAC Unit and Install Security Cage
General
• Landscaping
• Install new mailbox and house numbers
• Install Vapor Barrier to Crawlspace
• Repair/replace soffit, siding, trim as needed
• Stain Deck/Porch
• Painted Interior and Exterior Completely
• Repaired drywall
• Replaced damaged or missing doors, painted all doors and installed new knobs and hinges
• New LVT flooring. Repaired subfloor.
• New window blinds
• New Windows
• New attic insulation
Kitchen
• New vent hood & dishwasher
• Refinished cabinets and new hardware
• New Ceramic tile flooring
• New granite countertops and new under-mount sink
Bathroom
• New Ceiling & Vanity Light
• Refinish Vanity
• Installed new mirror
• New tile flooring
• New paint
• New tub fixtures and shower head
• New Toilet
• Refinished shower/Tub
Electrical
• Removed knob and tub wiring
• New light fixtures throughout
• New smoke detectors
• Repaired electrical switches, covers, and receptacles
Plumbing
• Replace any galvanized, cast iron, and steel plumbing inside the home
• New HWT (Hot Water Tank)- Financing Options
MartelTurnkey has partnered with some of the top lenders that provide a wide range of financial solutions to meet your Rental investing needs. Talk to an Advisor to learn more or visit our partner to get pre-approved.
- Property Management Company
Your turnkey property already has a local property management company in place. During the purchasing process, you will be introduced to them.
- Investment Terms
Purchase and Sale Agreement (PSA): A PSA will be delivered electronically once an agreement has been made and must be executed by Buyer within 24 hours of receipt.
Earnest Money Deposit (EMD) of $1,000 must be wired to the Title Company within 3 days of PSA signing.
Appraisal Contingency is available for financed properties, and will be waived automatically if the property appraises for the sale price. If it does not appraise for the sale price, then the Buyer and Seller will have the opportunity to come to terms or the Buyer can cancel the contract.
Closing Date: The Closing Date will occur within 15 days of PSA execution for cash transactions and 45 days of PSA execution for financing unless otherwise agreed by Buyer and Seller.
Lease Agreement: The current lease agreement will be provided to Buyer at Closing.
Closing Costs: Closing costs shall be paid based on local custom, and will include discounts negotiated by Martel TurnKey to lower transaction costs for Buyers and Sellers. Actual closing costs will be outlined on the final settlement statement.- Buying Process
Click here to learn more about buying rental properties from MartelTurnkey. If you have any further questions, schedule a call with an advisor