Little Rock, AR
Little Rock, AR 72205
Buy & Hold
50/50 Joint Venture
This is an 8-unit multi-family building. Each unit is townhome style and has 2 bedrooms and 1.5 baths. This is situated in the popular midtown district close to ships. restaurants, and hospitals.
We purchased this from a motivated seller in early 2017 for $475.000. We Joint Ventured with a partner who put up the down payment money of $95,000 + $15,000 for closing costs and fees and some repairs.
We remodeled several units and raised the rents. In October 2017, the building appraised for $550,000 and we refinanced the loan to repay our Joint Venture partner and got one loan for $490,000. We borrowed another $40,000 to complete the remaining units.
With all units renovated, the rental income is $8,900/mo. Debt service and expenses are $6,037. Cash Flow is $2,863/mo. ($34,356). All the profits and expenses are split 50/50 with our Venture Partner.