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This fantastic huge brick built four apartment multi family home is located in Penrose, Saint Louis. The property is divided into four large apartments, you have two large two bedroom apartments upstairs and two large two bedroom apartment downstairs. The property has a tenant in place in one apartment paying $500 in rent each month. The property needs $10,000 for some small cosmetic repairs needed to bring the remaining three apartments up to a Section 8 standard. The money is included in the price and the work will started immediately after closing. The management company will place brand new tenants when the work is completed each paying $650 in rent each month. The tenants can be either Section 8 or private. This property is located in Penrose which is only 5 miles to the centre of downtown Saint Louis. The property is also only five minutes to the Fairground park which opened in 1908 .The park has a huge history and is very well kept and spans 131.46 acres. Local residents enjoy the park for fishing, skating on the roller rink, festivals, picnicking under trees, playing tennis or just enjoying the walks with many beautiful lakes. Investment Calculation Purchase price: 124,900 Gross annual rental income: $29,400 Property running costs: $4,348 (Tax, insurance and management costs) Net annual rental income: $25,052 Investment calculation - Net Income divided by Purchase price = NET ROI. Return on investment: 21% Break even in 4.76 Years This property is a Townhouse for sale.
Other Details: Number of Bedrooms: 8, Number of Bathrooms: 4