My first multi-unit
Property located in Muncie, IN. Local bank owned the note and just wanted it gone from their portfolio for $6900. Too good to pass up. Got on a plane to Indiana to check it out.
Property had sat empty over a very cold winter and the pipes burst due to improper winterization. Asset manager thought it would be a very expensive rehab, hence the price. Turns out, everything was mostly cosmetic. Each unit is a 3/1.5, roughly 1000sqft a piece. HVAC was still intact, but I added two swamp coolers to the units for renter retention (renters moved in 2 years ago and havent heard a peep from them since). Drywall and pergo installed. Total renovation cost of around $20,000. Each unit rents for $600 and unit is fully occupied. Taxes are $945 a year. Property is locally managed for 10% of the rent.
Property is assessed at $44,000, but local realtors have given me an estimated value of $50,000. Still, Im holding onto this money maker for some time.