New Mexico Hard Money Deal - Active

740

None

No

Clovis

New Mexico

$80,000

$60,000

$40,000

$120,000

This will be a property purchase and upgrade project. We would like to purchase a duplex for rental as student housing. The target property is perfect for student housing, because it is one block from the college. There is a viable economy in the locality, based upon colleges and a local airforce base.
The property has two units, both two bedroom one bath. We would like to put in upgrades that will enhance rentablility and maximize occupancy, namely: two new bathrooms, air conditioning, kitchen upgrades, two loft beds per units, laundry, dishwashers and window treatments. The result of our proposed upgrades will be semi luxury student housing with four beds per units to accommodate undergraduate students desiring to exit on campus housing. The upgrades will allow us to charge $400 per bed as opposed to $400 per room, and will allow us to raise rents from $800 per unit to $1600 per unit, raising the overall monthly income from $1600 for the entire property to $3200. With leases in place and parental co-signing, the annual income from the property should increase from $19,200 to $38,400, thereby doubling the income potential. The current status is that we are currently looking at properties and are seriously considering placing an offer on a target property.