Lofty 1209 Cove Ln

Property originally listed for sale on the marketplace by Alicia Sierra with EXP Realty.

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Single Family Home located in St. Louis, Missouri.

Details

• Four bedroom, one-and-a-half story home fully renovated in Spring, 2023. Renovations include:
  • New roof, new water heater, upstairs open space converted to two bedrooms, new electrical panel/system, updated light fixtures, updated kitchen (cabinets, countertops, new appliances, sinks and hardware, flooring), updated bathroom (toilet, sink/vanity), and paint (walls, ceilings, and trim).
• Property includes neutral finishes, refinished floors, and a large backyard
• The second level is newly finished and offers great space for the kids, office, or craft or bonus TV room. There is also a spacious backyard and huge clean, freshly painted basement
• Property was approved by the city for 4 bedroom occupancy after renovation and addition of 2 bedrooms upstairs - seller to provide certificate prior to closing
• The HouseCanary Agile Evaluation estimates the property value at $114,000 and the property is under contract for $107,500

Property Management and Insurance

• Managed by Evernest Property Management
• Insurance Policy from Obie Insurance will be linked here once the property closes

Occupancy Status

• Vacant
• Owners will begin receiving daily rent starting on the same day an investment is made.
• Rental income is paid via a two-month rent credit at the Property Manager's projected rental rate of $1,350/month. The Property Manager projects a $1,300 - $1,400/month target rent range.
• The Property Manager will begin marketing the property at this rental rate once it has been fully funded and closed with the title company.

Location Data

• "C" Rating for Zip Code on Niche

Due Diligence Documents

• HouseCanary Agile Evaluation
• HouseCanary Property Valuation Report
• Renovations and Updates
• Inspection Report
• Inspection Report Repairs
• Estimated Closing Costs
• Purchase Agreement
• Title Report
• Operating Agreement
• View All Documents

Property Updates

• Property Update (06/01/2023):
  • The Property Manager, Evernest, has re-assessed rents in the area, based on properties with 4 bedrooms, and is now projecting a target rent of $1,350/month.
  • This is a $150 increase over the previous target rent of $1,200/month.
  • This property was recently approved by the city for a 4 bedroom occupancy after renovation and the addition of 2 bedrooms upstairs.
  • You will begin receiving daily rent based on this new target rent, at a Rental Yield of 10.3%.