Package of *TWO* side-by-side (*not attached!) homes on South Side’s most desirable Investment Street! Border of the Flats: ARV est. for deal $480k ($235k/$245k). 3/1 rental comps at $1600; multiply by 2 = a VERY nice & progressive cap rate.
2608 has a detached garage & just vacated – needs WORK – tenant somewhat destroyed it. A good cleaning/dumpster & repairs/updates est. $50-75k in total work depending on what you do with it.
2610 is rented under annual lease and is in good shape as-is! Might opt to do $5-10k in updates someday. Price is $185k for both.
This deal has been structured so @full value the flip profit is >$200k; ROI to hold is outstanding. Again: selling as a cheap package unless somehow interests show differently.
- Taxes: $2,716 TOTAL ($1,971 + $745)
- Electric: (2608) Needs updating / (2610) Updated
- Plumbing: (2608) Needs updating/ (2610) Updated
- Kitchen: (2608) Needs updating / (2610) Good
- Bath: (2608) Needs remodeling/ (2610) Sufficient
- Roof: (2) OK
- Furnace: (2) 30 yrs old
- Hot Water Tank: (2) 10 yrs old
- Windows: (All) Double-paned; older
- (2) 3 BR / 1 BA
- Floors: 2
- Parking: Off-street/On-street
- Rental Income: (2608) Vacant/ (2610) $950
- Rental Potential: $3,200/mo TOTAL