Property is perfect for those wanting an already-occupied rental with ~guaranteed $1k/month. At this price, as it sits you’ll collect a 13% cap min. Update later down the road and get more like 14-16%.
5BR property with the potential to add an extra ½-bath off of the kitchen. Has a long-term tenant in it who pays $1000/month & all utilities (inc. water) and always, always pays on time, calls landlord to ask when they can drop off the rent. They’re also diligent on being available for plumbers, et al for repairs/service/etc. … LL quoted: “I would take these tenants anywhere, anywhere with me!”
Aside from the tenants being a bit sloppy (mainly in their organization/clutter, property isn’t gross), there is absolutely nothing wrong with this property. To boot it’s one of the prominent ones on the street and the inside has lots of OG flair.
- 3 usable floors
- central heat
- hot water tank 1 y/o
- furnace ~35-40, has been serviced on a regular basis & works like a champ
- has a dirt basement, needs recarpeted eventually
- one of the photos shows it needs some plaster from an old roof leak, he just didn’t repair interior damage after roof replaced ~10 years ago
- electric updated
- windows are double-paned
- kitchen cabinets & countertops are good, would need a good cleaning later
- scope of work is gonna be more after tenants move out, right now there’s nothing to do
Lots of original wood – doors, staircase, beautiful built-ins. 2 features striking to me in-person were the exceptionally tall ceilings & windows.
- Taxes: $922
- Electric: Updated
- Plumbing: Updated
- Kitchen: Updated, good
- Bath: Updated, good
- Roof: 10 yrs old
- Furnace: ≈35-40 yrs old
- Hot Water Tank: 1 yr old
- Windows: Double-paned
- Floors: 3
- Parking: On-street
- Rental Income: $1,000/mo. + all utils. inc. water