I’ve been watching this house for months. I wanted to snag it for one of my investors when it was a short sale, but the bank foreclosed on it before I could get an offer in play.
I took pictures of the home when I was in it then. Since it was relisted as a lender-owned home, I’ve been back in to see how it’s holding up.
The home is the Lavender floorplan by Fulton Homes, three bedrooms and two baths in 1524 square feet. It’s a greatroom floorplan, so the common spaces are abundant. There is no space wasted on hallways, and the home feels open and bright everywhere.
Even better, it’s in Coldwater Springs, a subdivision I have loved since it was built. The Coldwater Springs Golf Course threads through the community, and the Collier School, grades K-8, is right in the middle of everything — a short bike trip from this home.
The home is listed at $87,500. Handyman Mark Deermer estimates that it will take around $8,000 to make the property rent-ready. Total entry cost would be $95,500. With anticipated rents of at least $950 a month, that puts this home at a Gross Rent Multiplier of 100 months, right where I want to be.
And that’s just one house. In the weeks since the tax-credit lapsed, inventories have come back strong. These kinds of houses — premium homes attractive to premium tenants — are being offered at breathtaking prices, with plenty of room for investors to show ample positive cash-flow. Meanwhile, lender Connie Moss can do investor loans at 5.75% or better with 25% down.
I talk to a lot of folks who say they want to invest in rental homes in Metropolitan Phoenix. Many follow through, but some people seem to sit on the sidelines, waiting for someone to pull them along. This I can’t do. I am very good at identifying properties that will rent profitably and stay rented. Mark Deermer can refurbish them so they are irresistible to tenants. But if you want to get in on a house like this, you need to assert yourself.
Shoot me an email or phone me at 602-740-7531 and I’ll help you line up a rental home like this one.
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