Price Reduction - Seller Financing
Address
5521 Garrett Avenue North Charleston, SC
Price
$ 226,500
Property Attributes
  • MLS#16026223
  • TypeContingent
  • CountyCHARLESTON
  • CityNorth Charleston
  • AreaN. Charleston Outside 526
  • Zip29406
  • Style
  • Price$ 226,500
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage1084
  • Lot Size0.51 Acres
Listing Provided Courtesy Of:
Brand Name Real Estate
Property Description

Investors take a look at these numbers and run them yourselves. This property is a true cash flow property without you needing to make improvements. The work has already been done. You aren't the one making the property worth the asking price, it's already worth it. Gross monthly rent currently $3,825 monthly. We are 100% occupied at this point. Net operating income around $3,125. Those are strong numbers. Empty units are filled usually within a day with little turnover work required. Total of 6 detached units. There is a main house and 5 mobile homes. The home has a new roof (cost $6,275), new HVAC, and has been well maintained and painted throughout. Brick exterior required little upkeep. Two of the MH have new roofs costing around $1,500 each. Cap rate 13% with management fee. No under market rents here that you must correct. Home rented for one year, other homes are month to month. Seller has made about $15,000 in capital improvements over the last year and says it is time to sell. Units 3 and 5 have newer roofs as well. Home insurance around $1,079 annually. The condition is good and the market is strong. While current rents are fair the owner is increasing them as units come available and has received $600 for a 2 bedroom the first day it was offered. Because of the mobile homes financing will be more challenging to some investors. There will be no rent to own deals and owner is greatly limited to any owner financing because of a current note that must be satisfied. Showings are restricted on this property to qualified investors who are familiar with the area. Tenants do not know it is for sale so please use discretion. Trailers are a bit older but bring in strong rent

Elementary School Middle School High School
Matilda Dunston Elementary School Morningside Middle School North Charleston High School
Price History
10/3/2016 Listed $229,900
3/1/2017 2% - $226,900
1/10/2018 1% - $226,500

General Features

Listing Area 32 - North Charleston/Summerville Outside I-526

Interior Features

Total Number of Units 6
Unit 1: Baths 2.00
Unit 1: Bedrooms 3
Unit 1: Sqft 1084
Unit 2: Baths 1.00
Unit 2: Bedrooms 2
Unit 3: Baths 1.00
Unit 3: Bedrooms 1
Unit 4: Baths 1.00
Unit 4: Bedrooms 2

Exterior Features

Acreage 0.51
Architectural Style Mobile Home, More than 4

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Pets
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 29406

Price
AVG $180K
$230K
Visits
AVG 120
359
Year Built
AVG 1983
1955
Walkscore
AVG 26
46

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