W 8th St
Lorain, OH 44052

1247 sq. ft., 3 bedroom / 1 bathroom

W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052
W 8th St</br> Lorain, OH 44052

Property Information

Current Status Occupied
Lease Start Date 01/21/2023
Lease End Date 01/31/2025
Utilities Paid by Tenant
Initial Investment* $23,520

*Includes down payment plus $3,000 of closing costs

Purchase Price $95,000

Current Rent $955
Cap Rate 9%
Cash on Cash Return* 33%
Net Cash Flow Per Month* $198

*Assuming 20% down with a loan at 2PTS + 7.25% interest for 30 years. Including equity build up and 3% appreciation per year.

About This Property

Updated kitchen: New tile kitchen backsplash, new kitchen light fixture, new kitchen range hood, new dishwasher; 
Updated bathroom: new bathroom accessories, new tile show surround, new bathroom accent tile, new shower tile, new bathroom light fixture,  install new bathroom fan with exterior vent,
3 new windows,
new hot water tank,
new baseboard heater upstairs, 
repaired attic rafters,
additional supports added to staircase,
new GFCI outlets, repaired drywall, new lock sets,  new furnace filter, new glass block windows, exterior: repaired siding, repaired lattice around front steps,  pressure washed exterior, painted foundation, floor and porch paint, exterior paint.
 

Long term tenant in place, currently on month-to-month.

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

Click here to learn more about the property management in our markets. If you have any further questions please schedule a call with an advisor

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