This property was purchased in 2010, at the pit of the recession. Acquired for an unbelievable per-unit price of $39,826, the property was stable at the time of purchase. With a few minor upgrades, the property’s cashflow increased at an accelerated rate. Due to the remarkable timing of the acquisition, it has continually returned strong cashflow since acquisition with a very small equity & debt basis.ng Soon
At acquisition, the major systems & “bones” of the property were in reasonable condition. The property was in need of new landscaping, paint, and a few other minor cosmetic upgrades. Additionally, access to the property has always challenged ownership, as it is surrounded by parks & private property. Due to this, marketing has consistently proved more expensive than most properties.
Acquired at 2/3 of the original asking price, the basis for this property is extremely low. This allows for upgrade funds to be spent as needed, without the worry of over-leveraging.
Once the buildings received new paint & the landscaping was improved, the property saw an immediate increase in value as rents increased. Due to the small amount of debt placed on this project, the property has cash-flowed significantly more than similar competing properties.
