2356 24th St W, Birmingham, AL 35208

Two rental house portfolio sold for one price. 2356 24th St W is 2BR/1BA 992 sf built 1930. Good tenant at $675 per month. Taxes $948, insurance $811. With imputed 10% mgt fee, 5% V&C reserve and $500 repair reserves NOI is $4,666. 820 4th Ct W is 2BR/1BA, 806 sf built 1940. Good tenant at $775 per month. Taxes $756, insurance $698. With imputed 10% mgt fee, 5% V&C reserve and $500 repair reserves NOI is $5,998. Addl property details available on request. Price is an 11.98% cap rate. Assuming 20% down and 9.5% interest rate on financing amortized over 20 years, monthly payments of $663.68 result in Debt Service Coverage Ratio of 1.34%, which will meet virtually all lenders' requirements.