Property Description

Seller hastn’t raised rents in over 20 years on some of these tenants. Selling low because it needs to be updated and the rents need to be increased. Get in, fix it up, raise the rents and add Huge Value.
Unit Mix 1 Studio / 3 One Bed / 9 Two Bed
Insurance $6,500 a year
Taxes $42,900 a year- (based on new sale price)
Gas $3,492
WM $4,260
LA DWP- Sewer and Water – $10,716
Gardener $840
Systematic Code Enforcement $706
Pest Control $840

Total yearly expenses : $7,0254
Total current income $88,932

Net income : $18,678

Sellers knows this is a negative deal up front. But it has a ton of potential on the backside. New building being built across the street and through the neighborhood.

Assessed value after $73,000 in renovations and all rents are increased to market value
$2,150,000