This 18 Plex is in south central Tucson. It is totally turn key and has actually been given $217,288 of capital expenditure upgrading just since the start of '18 through end of April '19. This property continues to be upgraded by it's owner including new parking lot paving and new automatic security gates have just been installed. About half the interiors have been given high quality remodels and all units were given new windows and doors. One unit that is #16 was just given a new rolling gate installed in the back, to give it a private yard, allowing it to now rent for $665/mo.
This is in a federal opportunity zone thus giving the opportunity for greatly reduced taxation.
The South Park neighborhood is just north of the I-10, allowing residents a quick commute access across the city. The U of A area with it's nearby restaurants and nightclubs along Congress and 4th Avenue is just a few minutes away going north as well as are the major downtown historic and cultural attractions.
Income - $95,361/yr. w/ 5% vacancy
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$350 - $425/mo. studios (10) ; $725/mo. 3 br (1) ; $625 - $665/mo. for the 2 br's (7) ; $8,365/mo. cur. gross rent = $100,380/yr. or $95,361 w/5% vacancy
*This is based on actual current rent
Expenses - $34,698/yr.
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Insurance - $3,169
Utility (owner pays water + trash + exterior electricity) =$9,658
Tax - $2,592
Mng't. - $9,479 (10%)
Contract Svc's - $800/yr. (pest control)
Maintenance - $500/unit = $9,000
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Private yards - no
Washer/dryer hookups - no there is an onsite laundry room
Size - varies but the official assessor records are incorrect per owner
AC's - window units
Covered parking - no
The composition is 1 x 3/1, 10 x 1/1 studios and 7 x 2/1's.
