373 Grider Street, Buffalo

Written by Alan Findlay on June 4, 2010. Posted in Uncategorized.

Address: 373 Grider Street, Buffalo
Property Type: Single Family ‘Section 8’
Sale Price: $29,700
Gross Yield: 24%

This single family home has long term section 8 tenants and is in good condition. It is located across from one of the main city hospitals.

Legals – $800
Vendor Financing – 5 year loan of 30% @ 10% interest – $8910 loan, with monthly repayments of $223 ($149 amortisation and $74 interest)
Total Cost to Buyer – $21,590
Gross Monthly Rent $600
Monthly Costs $248
Net Monthly Rent $406 – $66 management = $340

IRR in first year assuming no capital growth – Net Income / Cost = 17%
IRR after 5 years assuming no capital growth – Net Income/Cost = 83%

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Tel: +44 20 7193 2079
E-mail: info at abbotsinchcapital.co.uk