In December of 2018, I completed my first turn-key single family rental deal through Roofstock, which is a marketplace for buying and selling turnkey rental investment properties.
Check out my complete review of Roofstock. I plan on buying another home from the company in 2019/20.
Roofstock SFR in Milwaukee, WI
At the day of closing, here’s what the returns on the property looked like:
Home details: 2 beds, 1 bath, 950 square feet.
List price: $118,000
Counter (accepted on Dec. 10): $116,900 (plus credit for replacement of HVAC; it works fine and doesn’t need immediate replacement)
Total cash needed to close: $28,825 (when factoring in seller credit)
Appraised value: $126,000 (my estimate)
Mortgage: $87,675 at 5.75% and no points
Cap rate: 7%
Monthly cash flow: $179
Cash on cash return: 6.6%