2 Unit with plans to turn into a 4 Unit! Available

  • $90,000
  • 6 beds
  • 2 baths
  • 4224 sqft

Property Description:

DUPLEX! One unit has been occupied by tenants for 19 years, paying $500 month to month, other unit vacant.  Market rent is $1100 for each unit.  3 bedrooms 1 bathroom each side.  3 minutes from downtown and close to the airport.  Two separate basements of approx 750 sqft each could be rented out as 1 bedroom 1 baths in addition to existing units.  Lot size 5461sqft.  

 

ARV: $250,000

 

Rehab: 

Good working furnace.  Occupied unit has high efficiency furnace.  Occupied unit hasnt been touched for 10 years.  Gas, water and electric separately metered.  Approx rehab is $30k per unit.  40 page detailed drawings to turn into 4 unit will be provided upon purchase. 

 

Income:

The property could be rented out for around $1100 per unit a month.  If you add two, 1/1 units in the basement they could achieve another $500 each.  Cap rate with 2 units is 10% and if you add 2 1 bedroom units, 11% cap rate. 

 

Comparables:

 

Price:
$90,000
Address:
1134 Lincoln Way W
South Bend, Indiana 46616
Square Feet:
4224
Lot Size:
5461
Bedrooms:
6
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Duplex
Year Built:
1924
Basement:
Unfinished

Additional Features

Detailed scope of work for adding 2 additional units to this property.

Call 844-760-1311 for more details

Property Location