Overview
- 4 Bedrooms
- 2 Bathrooms
- 1,260 ft
- Year Built: 1949
Description
1,260 Sqft block-duplex near Lake Holden with month-month tenants of 7 years. The duplex is a 4/2 with 2/1’s on each side and separate meters (tenants pay their own electric) for each unit– water bill is currently covered by the landlord and it runs $28-$36/month. Tenants cover lawn care.
Rents are currently $575/side– tenants are aware of the sale and future rent increases; one tenant would like to stay even if rents are increased. In it’s current state, the property can be rented for $2,200/month total, but with updates to the kitchen, rents are $1,600/side for a total of $3,200/month.
*Bathrooms have recently been renovated, but kitchens will need to be updated**
Additional Photos Available Soon
Property
Interior
Bedrooms: 4
Bathrooms: 2
Livable Sqft: 1,260
Total Sqft: 1,485
Lot
Lot Size Sqft: 7,188
Zoning: R-1A
Construction:
Type: Block
Year Built: 1949
Mechanicals
AC: Window Units
Water Heaters: TBD, but newer and working great
Roof: 2016
Sewer: Septic, no issues
Electric: 60 Amps on each side, good condition
Rent, Taxes, Underwriting/Debt Service:
Rent
Current Rent: $1,150/month Total
Pro Forma Rent As-Is: $2,200/month Total
Pro Forma Rent w/ Kitchen Updates: $2,800-$3,200/month Total
Taxes (Estimated via county tax estimator based on $190,000 Purchase Price)
Low- $3,269
High- $3,564
DSCR/Cash Flow
DSCR- 1.39
$2,200/month in Total Rents
80% LTV of 190k
7.7% Rate
Taxes of $3,564
Insurance at $2,400 annually
Water of $336/year
10% annualy to prop management
Gross Cash Flow/Month- $591
Net Cash Flow/Month- $371
Pro Forma Rent Comp:
438 Purdue St
2/1 (in a triplex), 624 Sqft, recently rented for $1,650/month
Purchase Price: $190,000
COE: 6/6/24
EMD: $4,000