I have to say, this is a quite a deal. You can buy a 4 unit brick building for less than $5,000 a unit. These are 2 bedroom units, 2 are upstairs and 2 on the first floor.
This property could become a CASH COW for the investor who is willing to take on this project. The numbers are certainly compelling (see below the picture).
It is still open for owner occupants till January 20, 2009. Yes, this is correct. You can buy multi-family properties up to 4 units as an owner occupant with FHA financing, as long as you move into one of the units. You could buy this property, fix it up, then live in one of the units and rent the other three. Your tenants would easily cover your mortgage payment and more. So you could live for free and make some money on top of it.
Look at the numbers:
Purchase Price: $19,600
Rehab: $60,000 ($15,000 per unit, I am sure it can be done for less)
Total Invested: $79,600
Your payment (PITI – principal, interest, taxes, insurance) for an $80,000 loan should be around $750/month at today’s low interest rates. You should be able to rent each unit for $500 and generate a total income of $1,500 a month for the 3 rental units. This means that you could live for free and make an extra $750 a month. Not too shabby.
This is a rare opportunity. There are not many multi-family Columbus HUD homes on the market.
Please give me a call, if you are looking for any real estate investment, whether residential or commercial. We can help you find a good income property that provides a monthly cash flow and lets you take advantage of tax deductions that only real estate can offer.
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Specializing in HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650
