Merrillville, IN townhouse - $150,000+ equity

[Adrien C.]

There is a sale for 2 lots and each lot has a 2 unit side by side townhouse. This property for sale is a partially completed. The builder ran out of money and these have been sitting for a couple of years. Each unit is a large 2184sqft and has 3 bedrooms (with 4th potential) and 2 full baths.

5888 & 5890 Adams Ave. (Lot 16) AND 5881 & 5883 Adams Ave. (Lot 17) Merrillville, IN

Each property is available for $197,500

The builder will complete the construction of both buildings for $240-260,000 (cost of material and labor paid in draws) plus a $30,000 fee (half up front and half at completion) to GC the project. His timeline is 90-120 days to complete the construction. Or you can complete the project yourself but this should give you a good idea of rehab costs.

Conservative comps for each house are in the $170,000 range. You’re looking at a profit of $150,000 or $43,000/unit (4 total). The buildings are at the end of a dead end street and all buildings on this street are these 2 unit townhouse. The builder either sold the others for $175,000 or rented them for $1,300/month.

Taxes currently are $92 annually (assessed at $2100 currently). Completed properties have assessed values between $176,000-194,000 with taxes around $4,400 (no deductions at 2%) or $2100 (with deductions at 1%). 

Email, PM, or phone call are all good ways to find me for additional questions.