Tuesday, June 09, 2009
Green Shoots In Naples, Florida!
Check out that house on Tropicana Blvd in Naples, Florida. It's a triplex of (3!) 750 square foot units - each 2 BR 1 BA.
It's *distressed* and obviously at $63,630 on sale for less than a luxury car.
Note the building's sale history below:
Yep, it's on sale for less than half of its 1999 price!!!!!!!!!!
My realtor buddy says each unit should rent for $500 per month. Color me skeptical.
BUT, his *cheapness* point is valid.
At today's rates, $400 TOTAL in monthly rent will cover the mortgage. So figure $135 a month per unit as one's breakeven (at full occupancy).