79999 1br

Name: 79999 1br
Brand: 79999 1br
SKU: genClassifieds-586089
Price: 5502 USD
Availability: InStock
Rating: 4.9 (8 reviews)

5502 USD

Calling all investors, and those who wish to own their own condo! This Landmark highrise condo is for sale at $79,999. I may consider owner financing with $19,000 down, at a 8 3/4% interest rate for 25 years. The note of $60,999 at 25 years, 8 3/4% would be $501.50 a month. I may consider a longer term at 1/4% higher interest for every extra year of term. At the end of 25 years, you would own this 14th floor condo out right! No mortgage! While having a mortgage your monthly payment to me is $501.50+ $367 paid to the HOA= $868.50 a month. Taxes last year were $556.35 for the entire year. You would pay your real estate taxes once a year in the fall.

I may consider an all cash price of $78,000 and split the Attorney closing costs of around $900 (Lawyer,title and Owners title policy)

The attorney and both lender and owner one time title insurance should not be too much more then $900. Price is firm, I will not disturb this great tenant without someone who is fine with the above terms. This is a great 1 bedroom which has new carpet in the bedroom and tile floors in the living room. $334 a month HOA (steady, no increase for 2014) includes all Utilities and cable TV! Move right in! This is a perfect rental for a GA State student! You are allowed to lease here, there are no restrictions! Market rates for 1 bedrooms all inclusive like this lease for $1050-1150 a month. That is about $13500 a year! Unit does not include a parking space, or rights to rent parking at the building. But since there are so many international students at GSU and Tech, many of whom do not have cars, so this units works very well for them. Like it does for my current tenant.

The Landmark is an older highrise with a large pool that goes to 9ft deep, and a doorman 24 hours a day! The have been no assessments at the building and there are none coming up.

Unit also comes with an Ikea Queen Bed, Dresser and Nightstand, along with a Queen Platform mattress. Furnished housing comes in handy when attracting GSU and Tech students. These furnishings will transfer with the sale and can be written in the contract. Annual taxes on this condo were less then $556.35 for 2014! Unit does not come with parking rights, but many of the international students (like the current tenant) do not have a car.

If you would like to pay $78,000 cash (special all cash price), then After paying HOA ($367) and taxes ($46 a month), you still have a profit of about $700 a month on this condo. Thus at about $8400 a year it is a cash on cash yield (Cap Rate) of 11%! If you do owner financing, with the leverage it is like a 15% return! And that is before depreciation, or the future appreciation that is likely to happen!

Call for more info today! TAGs- Georgia State University , Georgia Tech , Downtown , CNN , Piedmont , owner will finance , Lease

Location: Georgia -

Added on 11 days ago and expires on 18 June, Ad id: 586089

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