Description:This high-quality condo is perfect as an investment property, for parents to purchase for their children who are going to school, or as a starter home. It is zoned for all three uses, providing a great deal of flexibility.
Because of its ideal location - with close proximity to Brigham Young University (BYU) and Seven Peaks Water Park, popularity/demand among students, and stable property values, it is a valuable investment.
It has been approved for BYU Men's Undergraduate Housing and can be rented to up to three male students for as much as $1,250 per month. Current rental rates are $475 for the master bedroom, $395 for the medium bedroom, and $375 for the small bedroom. (The master bedroom has its own parking stall, private bathroom, a large walk-in closet, higher ceilings, bay windows, and is considerably larger in size).
Can also be rented to a family or siblings (male and female) even though it is approved for men's undergraduate housing.
General Information:
- Name of Complex: Belmont Condominiums
- Complex Type: Condo
- Management Company: FCS Community
- Management HOA Fees: $160 per month (includes water, sewer, garbage, internet, cable, grounds maintenance, etc.)
Amenities:
- Fully furnished (dining set, sofas, beds, dressers, desks, chairs, shelving, kitchenware, bar stools, etc.)
- Refrigerator / Freezer
- Range / Oven
- Microwave
- Dishwasher
- Disposal
- Washer / Dryer
- Air-conditioning
- Patio / Balcony
- 1 covered parking stall and 1 un-covered (with the option to purchase a third parking stall for an additional fee)
- Clubhouse with workout facility, big screen TV, piano, ping pong table, etc.
- Basketball / Tennis court
- Pool
- Spa / Jacuzzi
- Internet and Cable provided (part of monthly HOA fees)
Utilities Paid by Owner / Tenants:
Last year these two utilities averaged out to be $80/month total.
Aside from the typical property owner costs, the only extra fees to use this condo as an investment property are an annual Provo Rental Dwelling License ($20) and any other costs associated with running a business and managing a property.
If the owner wishes to use the condo for student housing, even though it is currently approved as BYU Men's Undergraduate Housing, it will have to be re-approved upon change of ownership (fairly simple process since it has already been previously approved). Must remain men's housing (unless rented to a family or siblings). Please see the link to BYU's Off-Campus Housing website below for all rules and conditions.
There are currently 3 tenants under contract. If the condo is purchased prior to the completion of these contracts, the contracts will need to be honored by the new owner as part of the condo purchase, or other agreeable arrangements must be made between all parties. All three contracts end in August, but I have spoken with each of the tenants and they would be willing to move out if the condo is purchased and the new owner would like different tenants upon taking ownership.
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