Promise Land Realty Buy&Hold (Section 8*) : 20 Single Family Rental Portfolio, Florissant, MO - Pending
Updated: Apr 4
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
"Brick by Brick"
PROMISE LAND REALTY, LLC
864-762-2509
sarter@promiselandrealtyllc.com
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*