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Mansion in Yokohama City

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Bidding Duration: October 21, 2009 to October 28, 2009
((Monthly rental fee = 55,000 JPY x 12) / 3,800,000 JPY ) x 100 = 17% estimated ROI
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Nearest station from the foreclosed property:
JR 京浜東北線 山手駅 北東方 - 1.8 Kilometers.
Other nearest stations:
1) みなとみらい線 元町/中華街駅 (East-West side) - 1.59 Kilometers
2) JR 京浜東北線 石川町駅 (East side) - 1.97 Kilometers
3) みなとみらい線 日本大通り駅 (East-West side) - 2.47 Kilometers
4) JR 京浜東北線 関内駅 (East side) - 2.8 Kilometers
5) 横浜市営地下鉄ブルーライン 関内駅 (East side) - 2.8 Kilometers
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PROPERTY DETAILS:
Standard Clearance price: JPY 1,930,000
Bargain Selling price: JPY 1,544,000
Category: Mansion
Room No.: 304
Floor No.: 3rd floor, with 17.12 square meters
Date constructed: February 1992
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FACTS ABOUT THIS PROPERTY:
This property is owned by three individuals. The highest bidder can get the ownership of the entire property. There is a tenant during the inspection of Court Office. Monthly rental fee is JPY 70,000. Since the property management fee is JPY 14,870, the net rental income is about JPY 55,000. Highest bidder is the priority for the ownership than current tenant. Tenant can be evicted without filing a lawsuit.
The property owner has the obligation to pay for the unpaid property management fees. Thus, the highest bidder must take this obligation. The amount that should be paid is about JPY 600,000.
As we can see on the picture, there are many garbage inside the property. The tenant is untidy and undisciplined, thus, could also possibly fail to pay the rent, so the highest bidder should consider this risk. However, other bidders might have the same impression, so, there is a possibility that the winning bid amount is lower. Furthermore, the mansion is a bit far from the train station, thus, there is a possibility to get at a lower winning bid amount.
Bid amount is JPY 55,000 x 12 / 0.15 = JPY 4,400,000 - JPY 600,000 = JPY 3,800,000
For the breakdown formula of estimated yield/ return-on-investment:
1) Monthly net rental fee: JPY 55,000 x 12 months
(JPY 70,000 - JPY 14,870 property management)
2) Possible winning bid amount: JPY 3,800,000
3) Debt and maintenance: JPY 600,000
Expected yield/ ROI: 17 % ( No.1 / No. 3) x 100).
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PICTURE






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