PROPERTY                    1155 Garfield
UNITS                              3

1. $550.          3 bdrm ground floor
2. $345                  1 bedroom, upstairs w/outside entrance
3. $295                  1 bedroom, downstairs w/ outside entrance

    $1199.  Gross Monthly Income

PRICE                            $110,900.
PRICE per UNIT                   $36,966.
GROSS INCOME                   $1190./month

Operating EXPENSES                          
Taxes                            $100
Insurance                             $25                  
WSG, elec. & Gas                   $90 (tenants pay elec)
Total                                     $215.

NET Rental INCOME                     $975  ($1190 – 215)
Annual Net Income                   $11700.

CASH on CASH return                  10.5%
CAP rate                                     10.5
Garfield is an improving neighborhood.  Most homes have been converted to owner occupied in the past 3 years.   We have done very little work here because the main tenants have rented for nearly 10 years… they have never been late on a payment and so we don’t bother them.  Their unit needs upgrading…but we’ve chosen to leave the tenant in place and enjoy the low maintenance. ALL units have 1 year leases.  There is a dryer available to the tenants.
This summer, we put on a new roof,  upgraded some of the wiring and a replaced the electric panel.