This fantastic renovation project is located in a beautiful street in Mid-Westside, Jacksonville, Florida. The property is currently a vacant very large three bedroom single family home. The house is a fantastic complete renovation project. The property is going to be split into two, two bedroom, one bathroom apartments. There will be a large 2 bedroom apartment upstairs and a large two bedroom apartment downstairs. When the work is complete the management company will place brand new Section 8 tenants each paying $750 in rent each month when the new owner closes on the property.
This property is ideally located in Mid-Westside, Jacksonville, Florida. A great family area only 2.4 miles from Downtown Jacksonville. Jacksonville is home to the largest urban park system in the nation, with 10 state and national parks. Its authentic cuisine, thriving craft-beer scene and fun and cosmopolitan nightlife make Jacksonville a unique location and a sought after area for investors.
Purchase price: 97,900
Gross annual rental income: $18,000
Property running costs: $2,947
(Tax, insurance and management costs)
Net annual rental income: $15,053
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 16%
Break even in 6.25 Years