SouthSide Flats 16th St. rental property right in the mix/few ft. from E. Carson
-sizable fenced yard
-collects $1,750/month in rent (upper comps approx. $2,450)
-Priced at least $100k under MV.
–Comparables up to nearly $400k.
—Has a long-time “loving owner” history.
—Has 3 big BRs + 1½ BAs amidst 2½ floors.
—–Clearly cashflows residing in the Flats (0 vacancies in >10 provable yrs.
Is essentially a mint-condition rental worth quite a bit, with bonuses of a new roof and an extremely rare backyard/patio area capable of entertaining a dozen or so guests.
- Fewer than 2 blocks from Carson Street
- NEW roof 2021
- WalkScore of 95/100
- Incredibly rare, private backyard (“relax in a city oasis”); patio fits grill+ sits 8+ ppl.
- Rented [M2M]
- 3 large separate (ie, no captive/walkthrough) bedrooms, all w/double-door closets
- Kitchen + 1.5 baths all tiled
- Central air with updated high-efficiency HVAC
- Clean basement, totally usable – double built-in storage with x-shelving
- LOCATION | | multiple university campuses & public trans. of all types steps away
Tenant pays for all utilities (water/sewage, gas, elec.). Owner/LL pays for security system.
Longtime owners cared much for this property. Known as “extremely attentive” landlords.
- Roof | Fencing | Refrigerator
- Washer/dryer | H2O tank | Hi-eff HVAC
Annual lease up in May. Good tenants still occ. mo.-to-mo.; then onto high Flats 3BR rent.
Have a retail range of similarly sized & aged props from 2020→2022 of $200k – $387k, which starts at those needing everything ($186k), and ends at those being nicely redone ($375k+).
- 3BR/1.5BA+, <2k sq.Ft., old builds, CLOSE: here [Zillow pics]
- Neighbor at $335k 04/22; same build yr., 3/2 175 S. 16th St., S. Side Flats, 15203
- Taxes: $2,547
- Electric: Updated
- Plumbing: Updated
- Kitchen: Good
- Bath: Good (both)
- Roof: New (2021)
- Furnace: 10 yrs old; also has CHA
- Hot Water Tank: 5 yrs old
- Windows: Double-paned
- Floors: 2.25
- Parking: On-street
- Rental Income: $1,750/mo + ALL utilities