Promise Land Realty Buy&Hold (Section 8*) : 20 Single Family Rental Portfolio, Florissant, MO - Pending
Updated: Apr 4, 2022
Single Family Investment Opportunity
Acquisition Price
$2,475,000
20 Single Family Units
Package of 20 single family homes, located mainly in Florissant, MO. Average rents of $1181/mo (below market). Do not disturb tenants. They are not aware of the sale.
Off-market package of 20 single family homes that are priced at $2,475,000, which is an average of $123,750 per door.
Average comps per door are $132,760,
The price range of these neighborhoods is $119,000 - $151,675 so in ad- dition to monthly income there is an opportunity for appreciation at a rate not common in other St. Loius County rental markets.
Total gross rents are $23,615/month which is an average of $1181/month per property. That is below market area rents which average of $1306/ month with a 75th % at $1483/month.
Half of the leases are Section 8 which means even though they have longer term tenants, the properties are be inspected annually.
All of the properties are three bedrooms. None are in a flood zone or on septic.
There is currently one vacancy.
Annual Rent ($1180.79/mo avg) Annual Taxes ($1882.85 avg per property)
Annual Insurance (Estimate @ $700/ea)
Annual Maintenance (10% Est) Annual Sewer (Estimate $54/mo)
Property Management (8%) Vacancy (5%) Annualized Net Rental Income: $153,594 CAP Rate 6%+
Please submit all offers with Proof Of Funds to sarter@promiselandrealtyllc.com
Offer deadline is 3/29/22
Property Addresses
Property Map