How do 865 Sft homes make money? Parma Ohio

4302 Pershing Ave, Parma, OH 44134 Income-Sale results

This property was purchased in June of 2019 for $67,000 but it was only 864 SF. The key was that it was in Parma, Ohio, a great location. The client took this home because they knew what it would do.

We added approx $6,000 in rehab and the neighbor built a fence for their property that separated the properties for $0 cost.

The client was international and the rehab took a while because of money transfers but we got it done. We also needed paperwork signed to lease the property

Let's look at the approx lease numbers of the first tenant moved in Sept 2021

Lease $1100 Tax $199 Insurance $60 P/M $88 net $753 x 28 Months $21,084

The property needed $1600 in rehab after the tenant moved out

Let's look at the 2nd tenant approx income they moved in April 2021

Lease $1200 Tax $199 Insurance $60 P/M $96 net $845 x 14 Months $11,830

For a total net rental amount $32,914

The owner wanted to sell the property so we need to add $5,700 to the updates

We sold the property for $134,900 on 9/19/22

Let's look at the total picture. and Approx Numbers

The owner netted approx $118,000 (buyers needed $8000 in Closing cost) and approx $32,914 in net rent

This client had approx $80,300 with purchase and rehabs

$118,000+32,914 - $80,300= approx net profit $70,614.

Call me (Brett) 216-703-5740 Key Realty and Property Management

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