This fantastic four apartment multi family home is located in Dutchtown, a very stable town South of the city and is right opposite Marquette park and recreation centre. All four apartments in the property are being refurbished inside throughout. One apartment has been finished and now has a new tenant in place paying $450 in rent each month. Included in the price is $15,000 to complete the remaining 3 apartments. The work will be completed and new tenants placed by the management company when the new owner closes on the property paying $550 in rent each month. There is also $1,650 rent guarantee included in the price while the works are being completed.
Dutchtown is only 6 miles South of Downtown Saint Louis. The property is less than 1 mile from Meramec Street which is referred to as “Downtown Dutchtown.” The neighbourhood commercial strip features cafés and bars, resale shops, and other services.
• Four bedrooms
• Four bathrooms
• 2,788 sqft built
• 4,031 sqft lot
• Fully managed
• Local staff
Purchase price: 109,900
Gross annual rental income: $25,200
Property running costs: $4,099 (Tax, insurance and management costs)
Net annual rental income: $21,101
Investment calculation - Net Income divided by Purchase price = NET ROI.