OK. Found my old spreadsheet for the warehouse-
Purchased in 2010 for $157,000 with cash at auction
Made about $7,500 in improvements
Rented for about $1,800 a month
Gross = $21,600
Less vacancy of 10% (don't think it was even this high) = ($2,160)
Effective Income = $19,440
Operating Expenses:
Taxes = $1,450
Insurance = $1,100
repairs and maint = $600
tax prep = $100
Total OpEx = $3250
Net Income = $16,190
One rent escalation about year 3 to $2,000 a month
3% expense escalators
Cash flows after taxes
Year 1: $14,520
Year 2: $14,480
Year 3: $14,405
Year 4: $15,947
Year 5: $15,834
Sold in 2015 for $250,000
Before tax IRR 18% after tax 14.5%
Certainly not setting the world on fire, but not bad either. Would have been a whole lot better levered up, but it can be tough to borrow money when your assistant's tax return is healthier than your own.
Frankly, I could have managed it better and got a little more rent and probably a bit higher sale price.