THIS WILL NOT LAST!
It’s rare that a investment property in Boston actually makes sense as a cash flow vehicle. Most investments (I can hardly even call them investments) in Boston require a near all cash purchase to make any kind of return! This is not one of those cases.
Description from MLS: SIX FIGURE ANNUAL INCOME through 9/1/10 with all young professional tenants!! Meticulously maintained with four levels of living located on a quiet dead-end street just a short walk to the “T”, buses, Allston restaurants, bars, and shopping!! Spectacular top floor features cathedral ceilings, skylights, granite kitchen and spiral staircase leading to an attic loft!!
This property comes fully leased until 9/1/10 with young professional tenants so you are buying into cash flow right off the bat. Having it on the September schedule is going to make it easy to get it leased out until 2011 as well (our rental brand Warren Rentals can help you with this!).
The Numbers:
Price: $915,000
Amount you would put down: $274,500 (30%)
Amount Financed: $640,500
Monthly Income: $8,340
Monthly Expenses: $831
Monthly Tax: $450
Monthly Debt Service (Your Mortgage Payment): $3737 (this is using an estimated 5.75% interest rate)
Total Monthly Cash Flow After Expenses and Debt Service: $3322
Yearly Cash Flor: $39,864
ROI: 14.5% not including tax deductions or appreciation which could add another 4-5%
A lot better than the stock market, plus it’s backed by a tangible asset, real estate!
To view this property or others in the Boston area that actually make sense, please call Nick Warren at 617-933-9776 or email at nwarren@warrenre.com
