No need to get bank financing. The seller will carry a note for you! (With FANTASTIC terms!)
Buy this CASH FLOWING property with only $13,000 down!! (plus closing costs)
In addition, only $164.10 monthly payment!
Purchase Price: $49,500
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Down Payment: $13,000 (You only pay this down payment to own the property!!)
Loan Amount: $36,500 (The seller will carry a note for you!)
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Seller Financing Loan Terms –
Balance: $36,500
Interest Rate: ONLY 4.5% AND amortized over 40 years!
Payment: $164.10/month
Term: 5 years (balloon payment due at 60 months)
This is a STEAL of a deal!!!
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TWO CASH FLOWING UNITS for the price of one!!
(AND a 3RD potential unit, with some work.)
Based on current rents, this investment nearly follows the “2% Rule.”
As-is conservative Cap Rate: 15.27%
Property Includes:
–Front House – Occupied – (Current tenant paying $550)
–Back Above Garage Apartment – Vacant since this Jan 1st (Tenant was paying $425)
–Back Garage/Storage Area (Was previously a 3rd unit. Then converted to storage…Still has utility hookups to convert back to 3rd unit.)
House Features:
- One house in front; and One apartment in back
- Potential 3rd unit apartment in current garage/storage area (utility hookups still in place)
- Total current rents: $975
- Long-term tenant in front main house paying $550.
- Back unit was getting $425/mo (Currently vacant as of Jan 1st)
- Total Potential Rent (with 3rd unit): $1,375+
- A 3rd unit could be converted back after minor repairs
- Great rental area
Potential Repairs:
- Front house: Nothing for rental grade. (Current tenant is happy and wants to stay)
- Back apartment: Flooring could be replaced, but not needed. Just clean up.
- Possible 3rd unit: utilities are still hooked up from before storage conversion!
Rent Comparables:
(Click links, to see details of each comparable.)
| Subject Property | Bd/Ba | Sqft | Gross Rent |
|---|---|---|---|
| 1524 SW Binkley St (Front House) |
1/1 | 778 | $550 |
| 1524 SW Binkley St (Back Apt – Above) |
1/1 | 440 | $425 |
| Rental Comp Address | Bd/Ba | Sqft | Advertised Rents |
| 2541 SW 31st | 1/1 | 768 | $500 |
| 546 SW 35th | 1/1 | 600 | $750 |
Current Occupancy: Front unit occupied (Please do not disturb tenant). Back unit is vacant.
Asking Price: Only $49,800 for both units!!
Call us at 405-254-0212 to view this great property!
Or send offers to info@OKCPropertyBuyers.com
Status: Property under contract by OKC Property Buyers, a principal party in a valid and assignable Purchase and Sales Agreement; which allows us to purchase the property. The decision has been made to offer this Purchase and Sales Agreement to another cash buyer and allow them the opportunity to buy this house. New Buyer will be assigned the contract to close and price includes the assignment fee to OKC Property Buyers, LLC.