.jpg){kind=small}
.jpg){kind=small}
Prairie Vista Brick 2/1 in Ridgecrest Subdivision
Buy It NOW or Rent-To-Own
This very solid and pretty house was well-maintained by a handyman from 1973 until his recent death.
Features:
2 bedroom / 1 bath.
Aluminum windows mean no maintenance at all!
Fully bricked on all four sides, including porches.
Huge backyard with 2/3 of it paved with cement.
Driveway + paved area are enough for 5 cars.
Large metal storage shed.
Mature shade trees on three sides of the house.
Brick front porch large enough for three rocking chairs.
Very neat neighborhood with long-term owners in most houses.
Roof looks perfect, with no broken shingles or chips.
Attic/ceiling is insulated.
Wired for security alarm; security bars can be left or removed.
External storage room adjacent to kitchen (was used for chest freezer).
Two large window air conditioners.
Repairs Recommended:
Carpet in bedrooms and den.
Paint inside and the exterior wooden fascia.
Update stove and water heater with electric units.
Kitchen needs updating with new countertops and fresh paint.
Legal:
Address: 350 Prairie Vista, Montgomery AL 36105
Parcel Number: 11-07-25-04-005-036.000.
Southern Meadows Plat, Lot 41, Block C, Platbook 10, Platpage 44.
Which House Option Do You Choose?
* Buy It Now Price: $44,600
* Rent-to-Own Now: $540 / Month
* Buy in as equity partner at 20%, 50%, or 95%.
Rearview showing large paved area
Den
Living Room (Antique piano is for sale)
Dining Room
Kitchen
Lots of cabinet space, ready to paint
Bath
First bedroom
350 Prairie Vista St.
Left side of the street (going north) at the curve
Maps courtesy of Google Maps
What makes this a great deal?
1. This house has very good cashflow potential. See the calculations below.
a. This neighborhood has almost no turnover in properties, and most residents have been there for dozens of years. As children grew up in this community, they wanted to live here with their families, but cannot find houses for sale, for rent, or for rent-to-own.
b. Sales price: $25,000
c. Down payment: $2,500
d. Repairs and updating: $2,500
e. Escrowed: Insurance, taxes, closing costs x2, utilities, holding costs (3 months mortgage payments), marketing, commissions: total $3,800
f. Total Expense to update this house and find a tenant: $27,550.
g. Loan of $27,550 at 8% over 30 years = $203/month
h. Rent or Rent-to-own Income: $540/month
i. Rent-to-own tenants pay a non-refundable 5% option fee ( $1250 ).
j. Net Cash flow: $337/month as rent-to-own.
k. After-Repair Value: $40,000, based on sales in the past year within 1/2 mile of this house (excluding foreclosures and vandalized properties).
