Nice opportunity to own a multi-unit income property in easy to get to the area. Property is fully rented, although no work currently needed, all units are in good clean shape, some minor cosmetics will be needed, but nothing major needed. All units are currently on wall/window units for a/c. The main improvement that can be done is having all units be individually metered for electric, which one unit is, but the rest is on one meter, according to the owner.
There are 3 meters currently, but if you would like to separate that could be done at an approximate estimate of $15-20k+/-. This will be a moderate improvement, but will definitely add value and drop current monthly expenses. There is one water meter at the moment, but the water bill is pretty moderate at under $200/m. Current cash flow is at $4,150 a month with a month to month rents all on units. Units consist of a 3/1, 2/1, 2/1, 1/1, 1/1. Still a great cash flowing property with plenty of room to value add and raise rents.
Central location to Mascotte, located about 7 miles from Clermont, but shopping, schools, are all within a few minutes. Also, a new high-tech distribution center is being built about 4 miles away in Groveland with many jobs coming to the area, definitely driving demand for rental properties.
Cosmetic updates/repairs that might be needed Est. = $10-15k +/- (not including separating electric meter.)
Rents = $800, $800, $800, $850, $900 = $4,150/m = $49,800/yr. (month to month rents)
- Electric Bill = $785/month ave.
- Water = $160/m
- Trash = $85/m
- Insurance = $2,500/yr
- Taxes = $3,435/yr