607 South Mobile Street, Linden, AL

16.72% return

SP: $299,900

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Property Description

GREAT APARTMENTS!!!

8 units. Townhomes. Each unit is 2bed/1bath. Separate electric meters. City water and sewer. Central heat and air. All brick, metal roofs. Washer and dryer hookups in every unit. Located in beautiful Marengo County, AL!!! PROPERTY WILL GENERATE A 16%+ NET RETURN ON INVESTMENT!! OVER $70k IN VALUE ADD!!! This is a very simple and straight forward investment property with tons of potential. Units are renting for $800/month each.

Professional property management and financing is available!!!

Property Information

Listing statusActive
Property typeMulti Family
Total units8
Total bedrooms16
Total bathrooms8
Building size7,728 sq. ft.
Lot size0.7 acres
Year built1976

CountyMarengo County
SubdivisionABBOTT ADD
ConstructionBrick/Frame
RoofMetal
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral

Property Financial Summary

Sale price$299,900
Estimated rehab¹$30,000
Total investment$329,900

TypeProforma
After repair value$399,900
Potential profit$70,000

Gross income (annually)$76,800
Operating expenses (annually)$21,640
Net income (annually)$55,160
Gross return23.28%

Gross income (monthly)$6,400
Operating expenses (monthly)$1,803
Net income (monthly)$4,597
Net return16.72%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit A: 2 bed / 1 bath$800/month$9,600/year
Unit B: 2 bed / 1 bath$800/month$9,600/year
Unit C: 2 bed / 1 bath$800/month$9,600/year
Unit D: 2 bed / 1 bath$800/month$9,600/year
Building 2
Unit E: 2 bed / 1 bath$800/month$9,600/year
Unit F: 2 bed / 1 bath$800/month$9,600/year
Unit G: 2 bed / 1 bath$800/month$9,600/year
Unit H: 2 bed / 1 bath$800/month$9,600/year
Total$6,400/month$76,800/year

Expenses

Property Taxes$153/month$1,830/year
Maintenance reserve$517/month$6,200/year
Insurance$439/month$5,270/year
Waste Collection$225/month$2,700/year
Water and Sewer$350/month$4,200/year
Lawn care$120/month$1,440/year
Total$1,803/month$21,640/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.