Due south of Palermo about about 50 kilometres (31 mi) is the Mountain Village of Chiusa Sclafani [ˈkjuːza ˈsklaːfani]. This is a quiet little village of about 2,800 people, sits at 658 m (2,160 ft) in elevation. A good degree of redevelopment done has been done in the village and area. This is a video of the area.
The property is on a hill side and consists of two buildings which are merged into a large (340sqm, 3,600sqft) structure that has 3 apartments and with the possibly of one more. The top floor has a traditional kitchen and a north facing covered terrace. In this video at time 4:00 through 4:10 the house will start on the right then move to center screen.
2 of the 3 existing apartments are finished with 2 large double bedrooms, one bathroom, and a live-in kitchen. On the ground floor at the back is a one bedroom apartment with its own entrance. Two of these apartments would need about 2,000 Euro to bring them to rent-able condition. The 3rd apartment needs about 15k euro to be rent-able. This number includes roof repairs. Click here for the walk through Video
Due to it’s location in a quiet mountain village, it has significant potential for both Eco and Senior tourism. On of the largest Nature Reserves in Sicily is just a few meters South east of the town. As this location is about an hour south from Sicily’s largest city. This property can qualify for all 4 of the Italian Government’s Investment Incentive programs: Environmental, Tourism, Rural Village and Senior housing.
Address: Via Orto S. Antonio, 15, 90033 Chiusa Sclafani PA, Italy
10 Year Financial Summary (about this model)
| Purchase | ||||||||||||||
| Asking | 25000 | |||||||||||||
| Purchase | 20000 | |||||||||||||
| Closing Costs | 1200 | |||||||||||||
| Taxes & Licenses | 800 | |||||||||||||
| Total Value | 22000 | 37000 | 42000 | 46000 | 56000 | 56000 | 58000 | 58000 | 58000 | 60000 | ||||
| Estimated Market Value | 25000 | 30000 | 37500 | 46875 | 58594 | 73243 | 75000 | 75000 | 75000 | 75000 | ||||
| Year: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||
| Improvements | ||||||||||||||
| Initial improvements | 10000 | |||||||||||||
| Deferred Maintenance | 5000 | 5000 | 4000 | 2000 | 2000 | |||||||||
| Finishing Apartment D | 10000 | |||||||||||||
| Total Improve | 15000 | 5000 | 4000 | 10000 | 0 | 2000 | 0 | 0 | 2000 | 0 | 38000 | |||
| 60000 | ||||||||||||||
| 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 | 350 | 1470 | 1680 | 1890 | 2100 | 2310 | 2730 | 3150 | 3150 | 3150 | 3150 | |||
| Apartment B | 450 | 1890 | 2160 | 2430 | 2700 | 2970 | 3510 | 4050 | 4050 | 4050 | 4050 | |||
| Apartment C | 450 | 2160 | 2430 | 2700 | 2970 | 3510 | 4050 | 4050 | 4050 | 4050 | ||||
| Apartment D | 400 | 2640 | 3120 | 3600 | 3600 | 3600 | 3600 | |||||||
| Total income | 3360 | 6000 | 6750 | 7500 | 10890 | 12870 | 14850 | 14850 | 14850 | 14850 | 106770 | |||
| Accumulated | 9360 | 16110 | 23610 | 34500 | 47370 | 62220 | 77070 | 91920 |
NOTE: These calculations do NOT include any possible Italian Government’s Investment Incentive which could be as much as 21% of the first year’s investment or about 6,700 Euro of tax free income.