Completely updated in 2012
Property was completely remodeled, including: plumbing, electrical, AC, new cabinets, new appliances, new tub, new toilets, granite-tiles counter tops and bar, granite vanity, new floors, texture, paint, stucco.
It has a screened-in porch. Laundry room next to porch.
Everything up to code.
Taxes $633/year ($52.75/month)
Renter's Insurance $47/month.
Section 8 Tenant. Lease just renewed on 6/1/15. Lease expires on 6/1/16
Rented for $750/month (currently Section 8 paying 100% of rent)
Yearly Income: $9,000
Yearly Expenses (taxes and insurance) $1,200
Yearly Vacancies (1 month) $750
Yearly Maintenance (1month) $750
NOI (Net Operating Income) $6,300
Cap Rate: 11.25% ($6,300/$56,000)