2242 Hillcrest Drive, Meridian, MS

17.36% return

SP: $299,900

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Property Description

7 UNITS ON 10.7 ACRES!!! PRIME LAND!!! 4 houses and a triplex! Located in a beautiful area of Meridian, surrounded by mansions and upscale homes!!! TONS OF LAND with incredible investment potential! Generate STRONG PROJECTED CASH FLOW while positioning yourself for potential long-term appreciation! Future redevelopment or additional rental units may offer even more upside, subject to local approvals. ENDLESS POSSIBILITIES!!! PROJECTED 17%+ NET RETURN BASED ON PRO FORMA FINANCIALS!!! Opportunities like this deserve serious attention. DON'T MISS YOUR CHANCE TO CAPITALIZE ON THIS DEAL!

Property Information

Listing statusActive
Property typeMulti Family
Total units7
Total bedrooms11
Total bathrooms7
Building size5,161 sq. ft.
Lot size10.7 acres
Year built1955

CountyLauderdale County
SubdivisionMeridian
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSeptic
HeatingGas
CoolingWindow A/C

Property Financial Summary

Sale price$299,900
Estimated rehab¹$0
Total investment$299,900

TypeProforma
After repair value
Potential profit

Gross income (annually)$70,200
Operating expenses (annually)$18,135
Net income (annually)$52,065
Gross return23.41%

Gross income (monthly)$5,850
Operating expenses (monthly)$1,511
Net income (monthly)$4,339
Net return17.36%

Property Income & ExpensesMonthlyAnnual

Income

House 1
Unit X: 2 bed / 1 bath$900/month$10,800/year
House 2
Unit H: 2 bed / 1 bath$900/month$10,800/year
House 3
Unit G: 2 bed / 1 bath$900/month$10,800/year
House 4
Unit F: 1 bed / 1 bath$750/month$9,000/year
Triplex
Unit A: 2 bed / 1 bath$900/month$10,800/year
Unit B: 1 bed / 1 bath$750/month$9,000/year
Unit C: 1 bed / 1 bath$750/month$9,000/year
Total$5,850/month$70,200/year

Expenses

Property Taxes$341/month$4,097/year
Insurance$470/month$5,638/year
Water, Sewer and Waste$250/month$3,000/year
Lawn care$200/month$2,400/year
Maintenance reserve$250/month$3,000/year
Total$1,511/month$18,135/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.