Company Description
This property is an occupied, recently renovated 3 bedroom 2 bathroom ranch home built in 2003. The hot water heater is 4 years old and the appliances are just 2 years old. There is new flooring on the main level, 6 panel doors, and the basement is partially finished with a half bath.
The tenant is on a one year lease which ends on 10/31/2022. The tenant signed a 12 month lease renewal at $1,010. This is a $35 increase from the current lease and the new lease will start on 11/1.
Our A.I. does not have enough data for this property’s area to make an accurate forecast of the future appreciation. Because of this, we are not projecting that this property will rapidly appreciate. The projected appreciation of 8.2% is determined by the HouseCanary one year forecast at the block-level.
Updates:
Update 11/17/2021: The cap rate has been increased from 7.5% to 7.6% moving forward. The property manager now charges a flat fee of $85/month instead of 10% of gross rents, which is the reason for the increase.
Update 10/20/2022: The tenant signed a 12 month lease renewal at $1,010. This is a $35 increase from the current lease and the new lease will start on 11/1.
