Nice off-market opportunity for somebody looking to get into or build their Columbus, Ohio rental property package.
20-year real estate investor selling the bulk of his remaining rental portfolio in preparation for retirement and/or possible out-of-state move. All but one of the homes located in northeast Columbus (Class B) within a 1-mile radius of the intersection of Mock and Sunbury Roads. Properties in very good condition and are occupied (except one).
- 31 Single-Family homes acquired over last 20 years
- Mostly 3 bed, 1 bath units
- Price $1,207,160 (price is firm)
- Monthly Income $19,590
- Estimated 12.73% cash-on-cash return
- Experienced 5-7% vacancy rate
- Tenants pay all utilities
- Homes are carpeted in the family/living room and bedroom areas, with vinyl and/or tile in the kitchen and bath areas
- Age of roofs vary, but majority of roofs have been replaced in last 10 years
- 10 or 11 of the homes have central air. Remainder use window air units supplied by tenants. Lack of Central A/C has not hindered rentability.
- Tenant supplies and responsible for upkeep of appliances (e.g., stove, refrigerator, washer, dryer)
- Owner open to selling part of package depending on makeup of request
Property Report Details
- Link here to rental property report
- 8% management fee (my company has solid management experience)
- 4.1% expected cost inflation (CPI average since 1981)
- 4.7% property value appreciation (Columbus, Ohio average for last 80 years)
- 3% rental income appreciation (seller has experienced with portfolio since 1996)
Please let me know if you or anybody you know may be interested!