Due to the huge demand for rental properties in Buffalo New York, Section 8 properties have now become highly sought after due to their limited supply. This huge three bedroom house is Section 8 approved and Section 8 tenanted, the property has recently been updated by one of the leading building companies in Buffalo New York, the updates include a new kitchen and new carpets and paint.The rent is high at $900 a month and this rent is paid by the US Government. This property is managed by one of the leading Buffalo property management companies.
Not only is this property Section 8 tenanted but it also very well located. The area is called Schiller Park which is a great family area just a few miles from downtown Buffalo. This house is also only three miles away from the main Buffalo University which is known as one of the best universities in the whole of New York State.
Purchase price: $47,500
Gross annual rental income: $10,800
Property running costs: $2,612
(Tax, insurance and management costs)
Net annual rental income: $8,179
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%