The marketing agent has not provided a photo as of this writing therefore sorry to not be able to share one with you at this time however send me an email and it would be my pleasure to send you the address to do a drive-by and look for yourself. This income property is can fill your pockets with steady rents ranging from $675 for one unit and $800 each for the other two units. That means a monthly gross income of $2,275.
Of course like usual the reason this property has gone unseen for the past week is because it way over priced for it's current income because the easy / safe value is only at $172,125 and the Tim Taggett Value is $193,375 yet the listing company is currently listing it for $330,000.
Current listing price is way over the true value based on income earning potential however a property with kind of income deserved to be recognized especially since all the other properties listed this week were all vacant and currently (if mentioned at all) being marketed based on potential rents.
REMEMBER .... never acquire a investment / income property based on the sales price of anything around it and instead ensure the income can take care of the property without you handing over money every month. That said someone with a large amount of 1031 exchange and the need for an up leg property to be in the $300,000 range it might make sense to purchase this however I would personally say go pick up 2 properties that are generating income and valued at $150,000 each instead because in the long term your portfolio will thank you for it!
(I12118970)
Thanks for reading and feel free to sign up for email delivery at the upper right hand corner of this blog.
Any questions or would like to discuss investment property give me a call directly 760-500-7292 or email at RetireEarly@gmail.com.
Happy Investing!
Tim Taggett
DRE# 01468188
REI Powerhouse
Darryl Self, Broker
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