Great 2/2 villa in the heart of Pembroke Pines. Can be converted in a 3/2.
Older kitchen, bathrooms good. Old Spanish tile, has porch that has a view of a nice lake.
This is currently being rented under market value with a section 8 tenant. Total monthly is $1235 and section 8 pays approximately $750. Definitely need to raise rent.
Hoa & Section allow the new buyer to inherit the tenants. No restrictions that we are aware of.
Raise to $1500 a month. Taxes of $3000 a year. Purchase Price $159900.
30% in expenses your looking at a CAP RATE of: 7.8% WITHOUT DOING ANYTHING TO PROPERTY!!
(Gross Rent) $18,000 - $5400 (expenses) = $12,600 (net NOI) / $159900 = 7.8%
OTHER OPTION IS TO FLIP. I would recommend converting into a 3/2 and sell over 200k!