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.
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.
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.
- 914 Leland Ave, South Bend, IN 46616, sold for $250,000 in 2020. Zestimate $318k https://www.zillow.com/homedetails/914-Leland-Ave-South-Bend-IN-46616/94561681_zpid/
- 318 Navarre St, South Bend, IN 46616, sold for $240,000 in 2019. Zestimate $310k https://www.zillow.com/homedetails/318-W-Navarre-St-South-Bend-IN-46616/77020374_zpid/
- 315 W Navarre St, South Bend, IN 46616 sold for $208,500. https://www.zillow.com/homedetails/315-W-Navarre-St-South-Bend-IN-46616/77020314_zpid/
- 407 Lamonte Ter, South Bend, IN 46616 sold for $301,000 https://www.zillow.com/homedetails/407-Lamonte-Ter-South-Bend-IN-46616/77020367_zpid/