21-home SFR portfolio scattered about in Montgomery, AL. There are eleven 2-bedroom, eight 3-bedroom, and two 4-bedroom homes. The average asking price per home of $57,142 is significantly below the average home sales price of $248,793 (April 2022) in Montgomery, AL according to Culverhouse College of Business. The seller purchased the homes one at a time over the past decade. Upon acquisition, the seller deployed the necessary capital to improve the homes. Improvements include kitchen and bath remodels, roofs and repairs, new HVAC units where needed, as well as cosmetic alterations during tenant turns. The homes are 100% occupied. Gross rents are a little over $14,000 a month. Many of the tenants have been in place for more than two years. The portfolio is self-managed providing an investor the opportunity to employ a professional management company to improve operational efficiencies. Another immediate value-add opportunity is raising rents on the month to-month tenants.
Courtesy of: Harris And Atkins Real Estate
- MLS #519542