TOM & CYNDEE
BROWNER QUAD CITIES REAL ESTATE WITH RE/MAX
SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................
DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES
TOM & CYNDEE
BROWNER
CRS, CRB, ABR, GRI, e-PRO, MRA
BROKER OWNERS OF RE/MAX BI-STATE - SERVING IOWA & ILLINOIS
1-563-388-0008 Office - 1-563-388-0083 Fax - 1-866-388-0083 Toll Free - 1-563-570-7629 Cell - 355-1616 Home
CURRENT PICKS
We have numbers on most of the investment properties on the market. Many have very good numbers until you look at the investment necessary to being them back up to the standards most investors wish to have to maintain the highest rents.
We also have numbers at times on some pocket listings. If you are interested in rental properties and investing, call Tom Browner, I will be happy to help you.
We are offering Buyers Representation on the following properties. We have no agency agreement or connection with the listings presented. They are here because we feel the numbers substantiate that these properties would fit into a real estate portfolio. The opinions we express are based upon observation and and our experience. If you have an interest in any of these properties, we have the investment numbers based upon the asking price and information given by the sellers and their agents. If any of the numbers look out of place, we have taken the liberty of making the numbers worse to protect those who might be interested in the properties.
I periodically monitor the market and do numbers on the best. Since these are the better investments at this time and I do not look at the properties daily, some may be sold by the time you read this. Good properties sell every day and there is no physical way to update this site daily. If you are in the market and we will run those properties that match your investment goals and price range and will give you a complete list that is available that day from all sources. Numbers may change by your down payment, interest rate changes and repairs you intend to do. If interested in these or any properties, call me and we will work out numbers on any possible investments you may be considering. Make decisions from confidence, buy through us.
Want to know what your numbers would be on any property, call me!
1531 W 14th Street - $60,000 - Duplex - Davenport
1724 5th Street - $47,900 - Single Family for someone who does not want any work - Rock Island, Il
2035 W 6th - $59,900 - Fourplex - Davenport, Iowa
3117 Schuetzen Ln - $146,000 - Four Plex - With garages -
3107 Schuetzen Ln - $146,000 - Four Plex with Garages
3127 Schuetzen Ln - $125,000 - Four Plex without garages
I viewed these properties. They need about $50,000 in updating, siding etc.
SUBJECT PROPERTY: 3107,
3117 3127 Schuetzen
- Davenport
INVESTMENT PROPERTY WORKSHEET
This form is designed to assist in estimating the first year benefits of a real estate investment.
It does not consider the effect of selling or exchanging the property in the future. It is not a
substitute for legal or tax advice. Anyone contemplating the purchase of real estate for
investment should seek the services of competent legal and tax advisors. This material is
designed to provided information about the subject property. Due to a lack of information,
some figures (*) are subjective. Therefore, the information is done to the best of my ability to
protect the prospective investor. However, the accuracy of the information is not guaranteed.
The presenter of this information is not engaged in offering legal or accounting services; and recommends that competent professional assistance be sought if needed.
SUBJECT
PROPERTY: Schuetzen Combined -
Davenport $ 417, 000 Asking
DOWN PAYMENT
$ 44,600
10% DOWN ON OFFER - Rents $435/47 per unit.
FINANCING
$ 401,400
INT. RATE 6.5% /30YR. P&I $2537.12/MO
-YR $30,445.45
FINANCING
INT.
RATE /30 YR
P&I $
/MO - YR
LAND VALUE
$ 36,000 CAN NOT BE
DEPRECIATED DEPRECIATION
BUILDING VALUE
$360,000
RATE .03485 $
14,288.50
PERSONAL
PROPERTY VALUE 3
YEAR
5 YEAR
TOTAL $
LAND
IMPROVEMENTS
15 YEAR
Offer to be Written as Itemized by Purchaser
ANNUAL RENT
$ 66,960.00
LESS 5% VACANCY =
GOI
$ 63,612.00
ANNUAL
OPERATING EXPENS
REAL ESTATE TAXES
$ 14,866.00 *INSURANCE
$ 2756.00
*REPAIRS
$ 7500.00
*UTILITIES
$ 1000.00
GARBAGE
$ 675.00
*ADVERTISING
$ 900.00
*MANAGEMENT FEES $
*MISCELLANEOUS $ 2000.00
TOTAL
OPERATING EXPENSES
$29,697.00
1)
GROSS OPERATING INCOME
$ 63,612.00
MINUS: OPERATING EXPENSES
- $ 29,697.00
EQUALS: NET OPERATING INCOME
= $ 33,915.00
MINUS: ANNUAL DEBT SERVICE
- $ 30,445.45
EQUALS: CASH FLOW BEFORE TAX
$ 3,469.55
2)
PRINCIPLE REDUCTION FOR YEAR
$ 4,486.55
3)
NET OPERATING INCOME
$33,915.00
MINUS: INTEREST
-
$25,958.90
MINUS: DEPRECIATION
- $14,288.50
TAXABLE INCOME X TAX BRACKET .28%
$ (6,331.50)
EQUALS TAX (PAID) OR SAVED
$
1,772.82
4)
APPRECIATION PURCHSE PRICE
X 2%
$ 7,920.00
RETURN: WITH APPRECIATION .3957 % WITHOUT
APPRECIATION .2181%
Cap Rate 7.6
Rough
Estimates of cost to Repair and bring up to date based upon units viewed and
extension to units we did not view.
Materials
Labor
Driveways,
Street
$ 15,000
Included
Carpet
and Paint
6,000
1,000
Siding
7,000
7,000
Hidden
or unexpected
6,000
Included
Landscape,
grading, plantings
2,000
500
Garage
Doors 4,000
Labor $1,500
Totals
40,000
$10,000
Worse
Case $50,000
Best Case $40,000
Estimate
that you could then raise rents to $475 for garages and $450, $430 for no
garage. Then two years later raise
rents to $500 and $475, $445. As
tenants leave, raise could be sooner if you are park-like.
My
first thought was just to replace bad masonite and paint.
However, it would probably cost you $7500 to paint and repair the
masonite and you would still have to paint again in another 8 years for another
$7500, so in hindsight, it appears that just siding would be cheaper in the long
run and relatively short run. Numbers
should be close.
Threw
in an extra $6,000 for what ever. Over
the next three years I have $22,500 budgeted for repairs, so that should take
care of about half of the renovations if nothing else goes wrong.
In ten years you should return the initial repairs to your own pockets if
everything goes well, that after adding some for extra landscaping and doing
maintenance.
Looked
at other areas for rent. They are
getting top rent for what they are compared to Heatherton Heights etc. Goal would be to make them so nice that you could attract
better renters and raise the rents over time to $525 to $575 before tax and
insurance increases. After looking,
$550 to $600 appears not to be available even with repairs at this time.
$396,000 acquisition plus $50,000 repairs = $446,000. Would suggest one blanket mortgage with the repairs if available to you. Unified rent increases would give you a 20% return. See the numbers. Let me know if you have any questions. Tom
2035 W 6th - 4 PLEX - DAVENPORT, IOWA
$59,900
Pictures on Investment 14 on our site. For the investor who wants a high return or a first time investor who just wants a good property from which to finance future investments. This may be the one you have been looking for. Just Listed, all units rented, Exterior in good shape. All units are two bedroom or one bedroom and large den. Certainly not an alligator awaiting to eat your money. Call me to see this investment. Numbers below for your informational use.
INVESTMENT PROPERTY WORKSHEET
This form is designed to assist in estimating the
first year benefits of a real estate investment.
It does not consider the effect of selling or exchanging the property in the
future. It is not a substitute for
legal or tax advice. Anyone
contemplating the purchase of real estate for investment should seek the
services of competent legal and tax advisors.
This material is designed to provided information about the subject
property. Due to a lack of
information,some figures (*) are subjective. Therefore, the information is done to the best of my ability
toprotect the prospective investor. However,
the accuracy of the information is not guaranteed. The
presenter of this information is not engaged in offering legal or accounting
services; and recommends that competent professional assistance be sought if
needed.
SUBJECT
PROPERTY: 2035 W 6th -
Davenport $ 59,900 Asking
DOWN PAYMENT $ 11,600
20% DOWN ON OFFER -
Rents $275 per unit.
FINANCING
$ 46,400
INT. RATE 6.5% /30YR. P&I $293.28/MO
-YR $
3519.35
FINANCING
INT. RATE /30 YR
P&I $
/MO - YR
LAND VALUE
$ 8,000 CAN NOT BE
DEPRECIATED DEPRECIATION
BUILDING VALUE
$ 50,000
RATE .03485
$ 1,742.50
PERSONAL
PROPERTY VALUE 3
YEAR
5 YEAR
TOTAL $
LAND
IMPROVEMENTS
15 YEAR
Offer to be Written as Itemized by Purchaser
ANNUAL RENT
$ 13,200.00
LESS 5% VACANCY =
GOI
$ 12,540.00
ANNUAL
OPERATING EXPENS
REAL ESTATE TAXES
$ 1,510.00
*INSURANCE
$ 1000.00
*REPAIRS
$ 2,000.00
*UTILITIES
$
GARBAGE
$ 450.00
*ADVERTISING
$ 300.00
*MANAGEMENT FEES $
*MISCELLANEOUS $
300.00
TOTAL
OPERATING EXPENSES
$ 5,560.00
1)
GROSS OPERATING INCOME
$ 12,540.00
MINUS: OPERATING EXPENSES
- $ 5,560.00
EQUALS: NET OPERATING INCOME
= $ 6,980.00
MINUS: ANNUAL DEBT SERVICE
- $ 3,519.35
EQUALS: CASH FLOW BEFORE TAX
$ 3,460.65
2)
PRINCIPLE REDUCTION FOR YEAR
$ 518.62
3)
NET OPERATING INCOME
$ 5,560.00
MINUS: INTEREST
-
$ 3,000.73
MINUS: DEPRECIATION
- $ 1,742.50
TAXABLE INCOME X TAX BRACKET .28%
$ 816.77
EQUALS TAX (PAID) OR SAVED
$
(228.70)
4)
APPRECIATION PURCHSE PRICE
X 2%
$ 1,160.00
RETURN: WITH
APPRECIATION .4233 % WITHOUT
APPRECIATION .3233 %
Cap 12.03
REAL ESTATE MAIN MENU
Have a question? The answer is just a call or e-mail away. Contact us at tom&cyndee@quadcitiesrealestate.com
We know you want to sell your home for the most money, in the shortest time and with with least inconvenience. If you want serious advertising and effort from your agent, call or contact us for a FREE MARKET ANALYSIS of your present home. We are both Certified Residential Specialist by the Residential Sales Council. No obligation, of course. Call us on our private line at 570-7629 at RE/MAX BI-STATE or Contact us at tom&cyndee@quadcitiesrealestate.com - LOOKING TO BUY? Check out the services an Accredited Buyers Representative can mean to you.