3808 Newell Road, Meridian, MS

14.03% return

SP: $119,900

Video Photos Street View Map

The slide show is now full screen. Push Escape to exit. You can use the left/right arrows and Home/End buttons to navigate the images.

Property Description

PRIME MERIDIAN LOCATION!!! SOLID BRICK DUPLEX FOR UNDER $120K!!! Situated on a beautiful half-acre lot in a highly desirable residential area! Featuring a durable metal roof, central heat and air, covered parking, and COMPLETELY SEPARATE UTILITIES to help minimize landlord expenses. Two spacious rental units with PROJECTED INCOME OF $2,000/MONTH ($24,000 ANNUALLY) and an impressive 14.03% PROJECTED ANNUAL NET RETURN! An exceptional opportunity to acquire quality real estate with strong cash flow potential, attractive long-term upside, and a low entry price. A SMART INVESTMENT AT JUST $119,900! ACT FAST!

Property Information

Listing statusActive
Property typeMulti Family
Total units2
Total bedrooms5
Total bathrooms2
Building size1,946 sq. ft.
Lot size0.5 acres
Year built1960

CountyLauderdale County
Subdivision
ConstructionBrick
RoofMetal
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral

Property Financial Summary

Sale price$119,900
Estimated rehab¹$5,000
Total investment$124,900

TypeProforma
After repair value$149,900
Potential profit$25,000

Gross income (annually)$24,000
Operating expenses (annually)$6,482
Net income (annually)$17,518
Gross return19.22%

Gross income (monthly)$2,000
Operating expenses (monthly)$540
Net income (monthly)$1,460
Net return14.03%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 3 bed / 1 bath$1,100/month$13,200/year
Unit 2: 2 bed / 1 bath$900/month$10,800/year
Total$2,000/month$24,000/year

Expenses

Property Taxes$225/month$2,705/year
Insurance$148/month$1,777/year
Maintenance reserve$167/month$2,000/year
Total$540/month$6,482/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.