Is this triplex a good deal?
Address: Indianapolis, IN, 46201
Neighborhood sounds like a C (based off agent's opinion)
Asking price $59,900 (Seller Finance is an option – 5 years to pay off, considering 10% down payment)
Annual Taxes $1656
Unit 1: 2/1 rents for $450 (Pays on time – like clockwork – same day/same time) Tenants for 2 years
Unit 2: 2/1 rents for $500 (larger unit than unit 1) VACANT since Aug.
Unit 3: 1/1 rents for $400 (Pays on time – like clockwork – same day/same time) Tenants for 2 years
Tenants pay all utilities and are currently month-to-month
Rent-o-meter comps are over $600/month for a 2/1.
Cosmetic repairs needed. Seller is fixing up the vacant unit
House built in 1911
No Garage