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:
- 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/