Altofonte

If you stand on the beach in Palermo and look south, you will see a mountain range. These “mountains” are 800 meters (2,600 ft) tall and about 7 kilometers south of the city. The Altofonte property is just on the other side of those mountains at about 700 meters elevation. The property is on a hill side and consists of one large (340sqm, 3,600sqft) building that has 4 apartments and a few out buildings. The property includes 2 acres of Olive and citrus orchards which could also provide an income. The property is about 17 kilometers by road from downtown Palermo.

3 of the 4 apartments are each finished with 2 large double bedrooms, one single bedroom, one bathroom, a full kitchen in a great room and a very large, covered, south facing terrace. It will take about 5,000 euro and a month to get these apartments to rent-able condition. The 4th apartment needs to completely finished on the inside. Click here for the walk through Video

Due to it’s close proximity to Palermo and its rural location, it has significant potential for both Eco and Agro tourism as well as a quick get away from Sicily’s largest city. This property can qualify for 3 of the Italian Government’s Investment Incentive programs: Environmental, Tourism, and Senior housing.

Address: Via Rebuttone, 116, 90030 Altofonte PA, Italy

10 Year Financial Summary (about this model)

Purchase
	Asking		64000
	Purchase		60000
	Closing Costs		3600
	Taxes & Licenses		2400
	Total Value		66000	73000	78000	83000	108000	120000	120000	120000	120000	122000
	Estimated Market Value		60000	72000	90000	112500	140625	175781	180000	180000	180000	180000
		Year:	1	2	3	4	5	6	7	8	9	10
Improvements
	Initial improvements		5000
	Deferred Maintenance		2000	5000	5000			3000			2000
	Finishing Apartment D					25000	12000
Total Improve			7000	5000	5000	25000	12000		0	0	2000	0	56000
													122000
Income		Occupancy %	35.00%	0.4	0.45	0.5	0.55	0.65	0.75	0.75	0.75	0.75
		Net Monthly
	Apartment A	650	2730	3120	3510	3900	4290	5070	5850	5850	5850	5850
	Apartment B	650	2730	3120	3510	3900	4290	5070	5850	5850	5850	5850
	Apartment C	750	3150	3600	4050	4500	4950	5850	6750	6750	6750	6750
	Apartment D	1000					6600	7800	9000	9000	9000	9000
Total income			8610	9840	11070	12300	20130	23790	27450	27450	27450	27450	195540
Accumulated				18450	29520	41820	61950	85740	113190	140640	168090

NOTE: These calculations do NOT include any possible Italian Government’s Investment Incentive which could be as much as 18% of the first year’s investment or about 13,000 Euro of tax free income.