412 East Hays Street, Hollandale, MS

18.11% return

SP: $524,900

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Property Description

INCREDIBLE DEAL!!! 14 FULLY OCCUPIED BRICK UNITS AT JUST $37.5K PER DOOR!!! Built in 2008, this well-maintained property features 14 spacious 3-bedroom/2-bath apartments with central heat and air, separate electric meters, and city utilities. Professionally managed, with most tenants on Section 8. IMPRESSIVE 18.11% ACTUAL ANNUAL NET RETURN BASED ON CURRENT RENTS, AFTER PROPERTY MANAGEMENT AND MAINTENANCE RESERVES! Strong existing cash flow, newer brick construction, and an exceptionally low acquisition price make this a standout investment opportunity. REAL INCOME. REAL RETURNS. SERIOUS VALUE. ACT FAST!

Property Information

Listing statusPending
Property typeMulti Family
Total units14
Total bedrooms42
Total bathrooms28
Building size18,900 sq. ft.
Lot size4.3 acres
Year built2008

CountyWashington County
SubdivisionHays 2nd Add
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral

Property Financial Summary

Sale price$524,900
Estimated rehab¹$0
Total investment$524,900

TypeActual

Gross income (annually)$130,620
Operating expenses (annually)$35,573
Net income (annually)$95,047
Gross return24.88%

Gross income (monthly)$10,885
Operating expenses (monthly)$2,964
Net income (monthly)$7,921
Net return18.11%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit 1: 3 bed / 2 bath$899/month$10,788/year
Unit 2: 3 bed / 2 bath$650/month$7,800/year
Building 2
Unit 3: 3 bed / 2 bath$993/month$11,916/year
Unit 4: 3 bed / 2 bath$809/month$9,708/year
Building 3
Unit 5: 3 bed / 2 bath$453/month$5,436/year
Unit 6: 3 bed / 2 bath$650/month$7,800/year
Building 4
Unit 7: 3 bed / 2 bath$650/month$7,800/year
Unit 8: 3 bed / 2 bath$892/month$10,704/year
Building 5
Unit 9: 3 bed / 2 bath$650/month$7,800/year
Unit 10: 3 bed / 2 bath$650/month$7,800/year
Building 6
Unit 11: 3 bed / 2 bath$954/month$11,448/year
Unit 12: 3 bed / 2 bath$992/month$11,904/year
Building 7
Unit 13: 3 bed / 2 bath$993/month$11,916/year
Unit 14: 3 bed / 2 bath$650/month$7,800/year
Total$10,885/month$130,620/year

Expenses

Property Taxes$89/month$1,072/year
Insurance$786/month$9,429/year
Waste Collection$260/month$3,120/year
Security Lights$40/month$480/year
Water bill$56/month$672/year
Lawn care$167/month$2,000/year
Maintenance reserve$667/month$8,000/year
Property Management$900/month$10,800/year
Total$2,964/month$35,573/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.