This fantastic large brick built two apartment multi family home is located in The Greater Ville, Saint Louis. The property is divided into two large apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. The property is just undergoing a complete refurbishment and the management company will place brand new tenants when the new owner closes on the property. Both tenants will be Section 8 housing so the total rental income of $1,150 – $1,250 each month is paid direct to the landlord via the US Government.
This property is located in The Greater Ville which is only 4.6 miles to the centre of downtown Saint Louis.This property is also only three minutes to the Fairground park which opened in 1908 .The park has a huge history and is very well kept and spans 131.46 acres. Local residents enjoy the park for fishing, skating on the roller rink, festivals, picnicking under trees, playing tennis or just enjoying the walks with many beautiful lakes.
Purchase price: 58,900
Gross annual rental income: $13,000
Property running costs: $2,410
(Tax, insurance and management costs)
Net annual rental income: $12,590
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%
Break even in 4.54 Years