This four sided brick home is located in Wetumpka, a nicer middle to upper middle class suburb of Montgomery just to the Northeast, located along the Alabama River. There is a large Casino that brings many jobs, and schools are well enough thought of. Demographics such as education levels, income levels tend to be higher, and crime, poverty and vacancy are low. The neighborhood this home is located in is across from a church, and it has a pond at the entry. The homes are newer and I'd give this neighborhood a B to B+ for pride of ownership. Being able to get a property in this good of an asset class rating so close to $100,000 mark is rare. The current tenant owns two Mexican Restaurants and has been a long term tenant, he will move out at the end of November because he is buying a new home, at which the home will likely need $3,500 or so in flooring and paint.
From a renovation standpoint a 9 year old home doesn't need much, the trey ceilings in the living room give the home a spacious feel, and the fireplace is a great touch on cooler fall nights. the formal dining room is accented by columns to provide an excellent ambiance. This home boasts tile flooring in the foyer, kitchen and bathrooms. The galley style kitchen maple cabinets a stainless microwave, double fridge and dishwasher. The laundry room is large and has access to the outside, which has a huge privacy fenced yard. The master bedroom has trey ceilings, and the second and third bedroom are what you would expect in a nice home like this. This property should rent for $1,100 per month and should be an excellent cash flow, turn key, income producing property. The tenants didn't have advanced notice but let us in, and it's a little cluttered because they've outgrown the home. Replace flooring in the living room, and master bedroom with luxury vinyl plank, paint the living room and you are probably in pretty good shape! This property is an assignment, we pick the property up for $105,000, $5,000 fee to referral brokerage, $7,500 assignment fee for us bringing the deal and managing renovation when time is done, you pay only materials, labor and small management fee. Ballpark you're in this home for $120,000 and it has comparable sales in the $130,000 range. The 3D tour below exemplifies our renovations, this property will get one upon tenant move out after minor renovations.