28th Street SE, WDC was a 2-unit apartment building. One apartment has two bedrooms and one bath. The other apartment has one bedroom and one bath. The owners purchased the property for cash flow in retirement. Once renovated, they took significant cash out via a refinance for other investments. Here are the numbers.
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$60,000
Purchase Price
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$42,300
Renovation Costs
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$1950
Gross Monthly Rents
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$400
Monthly Operating Expenses
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$811
Monthly Mortgage PIT
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$740
Net Operating Income