DEVELOPER FINANCE IS
AVAILABLE FOR US CITIZENS OR FOREIGNERS FIGURES ARE BELOW
Time of Completion 60 DAYS
Annual Maintenance Fee STUDIO:
$1,500 - 1 BED $2,700 - 2 BED $4,260 maintenance fee includes
Building
insurance - Outside maintenance of buildings and grounds
and facilities - fire safety inspections - landscaping -
24hr maintenance - refuse collection - water and sewage and
pool maintenance
Property taxes - Studios - $1109.80 - 1
beds $1943.70 - 2 beds $3122.92 THE INVESTMENT
TO
PURCHASE - STUDIO GROUND FLOOR $61,630 + 4% CLOSING COSTS
= $64,095 TOTAL COST TO PURCHASE
TOTAL
PROFIT AFTER ONE YEAR = $ 8,580 ALMOST 13.5% RETURN
RENTAL
INCOME $11,400
MAINTENANCE
FIGURE $1500 PROPERTY
TAX $1109.80
WITH
DEVELOPER FINANCE 25% DEPOSIT ($15,408) BALANCE $46,222
MONTHLY PAYMENTS
$312 PER MONTH AFTER 5 YEARS NEW FINANCE MUST BE ARRANGED
OR REMAINING AMOUNT PAID OFF -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
TO PURCHASE
- STUDIO TOP FLOOR $68,300 + 4% CLOSING COSTS =
$71,032 TOTAL COST TO PURCHASE
TOTAL PROFIT AFTER
ONE YEAR = $ 8,580 ALMOST 12.2% RETURN
RENTAL INCOME $11,400
MAINTENANCE
FIGURE $1500 PROPERTY
TAX $1109.80
WITH
DEVELOPER FINANCE 25% DEPOSIT ($17,075) BALANCE $51,225
MONTHLY PAYMENTS $345.87 PER MONTH AFTER 5 YEARS NEW
FINANCE MUST BE
ARRANGED OR REMAINING AMOUNT PAID OFF
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
TO PURCHASE
- 1 BED APARTMENTS GROUND FLOOR $91,750 + 4% CLOSING
COSTS =
$95,420 TOTAL COST TO PURCHASE
TOTAL PROFIT AFTER
ONE YEAR = $ 10,356 ALMOST 11% RETURN
RENTAL INCOME $15,000
MAINTENANCE FIGURE $2700 PROPERTY
TAX $1943.70
WITH
DEVELOPER FINANCE 25% DEPOSIT ($22,937) BALANCE $68,812
MONTHLY PAYMENTS $464.62 PER MONTH AFTER 5 YEARS NEW FINANCE
MUST BE ARRANGED OR REMAINING AMOUNT PAID OFF
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
TO PURCHASE
- 1 BED APARTMENTS TOP FLOOR $97,500 + 4% CLOSING
COSTS = $101,400 TOTAL COST TO PURCHASE
TOTAL PROFIT AFTER
ONE YEAR = $ 10,356 ALMOST 10.5% RETURN
RENTAL INCOME $15,000
MAINTENANCE FIGURE $2700 PROPERTY TAX
$1943.70
WITH
DEVELOPER FINANCE 25% DEPOSIT ($24,375) BALANCE $73,125
MONTHLY PAYMENTS $493.75 PER MONTH AFTER 5 YEARS NEW
FINANCE MUST
BE ARRANGED OR REMAINING AMOUNT PAID OFF
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TO PURCHASE
- 2 BED TOWNHOUSES $159,800 + 4% CLOSING
COSTS = $166,192 TOTAL COST TO PURCHASE
TOTAL PROFIT AFTER
ONE YEAR = $ 11,517 ALMOST 7% RETURN
RENTAL INCOME $18,900
MAINTENANCE FIGURE $4260 PROPERTY
TAX $3122.92
WITH
DEVELOPER FINANCE 25% DEPOSIT ($39,950) BALANCE $119,850 MONTHLY
PAYMENTS $809.24 PER MONTH AFTER 5 YEARS NEW FINANCE MUST BE
ARRANGED OR REMAINING AMOUNT PAID OFF
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
TO PURCHASE
- 2 BED TOWNHOUSES POOL
VIEW/CLOSEST TO BEACH (BLOCK 9 ) $163,600 + 4% CLOSING
COSTS =
$170,144 TOTAL COST TO PURCHASE
TOTAL PROFIT AFTER
ONE YEAR = $ 11,517 ALMOST 6.8% RETURN
RENTAL INCOME $18,900
MAINTENANCE FIGURE $4260 PROPERTY TAX
$3122.92
WITH
DEVELOPER FINANCE 25% DEPOSIT ($40,900) BALANCE $122,700
MONTHLY PAYMENTS $828.48 PER MONTH AFTER 5 YEARS NEW FINANCE
MUST BE ARRANGED OR REMAINING AMOUNT PAID OFF
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Points of interest
Access to the Biloxi area has
been expanded recently, and the Biloxi-Ocean Springs Bridge
is already
complete. At
the Gulfport-Biloxi International Airport, traffic is up 20
percent since 2005, and a new $51 million expansion promises
to increase terminal space by 8 percent. Two new airlines will
be given access with the enhanced square footage. All these
steps promise to unleash Biloxi’s economic potential,
leading to a huge appreciation in real estate values here.
Casino companies have purchased
huge chunks of land in the city, totaling 175 acres, and
the industry
is expected to employ
more than 30,000 casino staff in the coming months. All this
competition is proving healthy for the casinos that are already
operating in Biloxi – record revenues have been reported
over the last 11 months.
Another factor that is bound
to drive Biloxi’s real
estate boom further is the current lack of housing for the
city’s casino workers.There is an immediate need
for high quality housing for these people, and current demand
far exceeds supply. More than 60 percent of casino workers
live in rented properties. There is also a hotel room
shortage (need 17,000 have 10,000) and an expansion of the
nearby convention center. This will yield a higher nightly
rate / corporate rate as a secondary market. The
one thing that’s for certain
in the real estate is what when supply runs low and demand
shoots up, rental prices can go nowhere, but up. That’s
what is happening in Biloxi today.
Location & Future Prospects – Job
growth, population growth and in this case go zone investment
incentives are the
precursors of economic growth and property appreciation. It
is widely expected that Biloxi and Gulfport have the opportunity
to become the Las Vegas of the south in the coming years. Proximity
to New Orleans creates the likelihood that a megalopolis will
emerge in a few years and an ideal location for investment
opportunities is the area between Gulfport and New Orleans. |
townhome
2 bed 985 sqft
