NW Indiana Offmarket Multi-Family! High Cashflow! Nice Rental !

[Elbert D.]

PROPERTY DESCRIPTION

A nice “solid” brick multi-unit that’s currently cash flowing. This 4 unit is in an ideal location. The units are within a 2 minute drive to the expressway to Chicago suburbs and 45 minutes from downtown Chicago. Shopping is within walking distance and the elementary, middle and high schools are minutes away. Three of the 4 units are currently rented. These units should be renting for at least $700 per month. Three of them are currently at: $550, $475 and $475. The tenants have been there for years and the landlord hasn’t raised the rent in years. The tenants pay all utilities, except for water and trash. The new tenant for the unoccupied unit will be paying $700 a month. There is also a potential for $750-$800 in rent per unit, within the next year, because the area has a high demand for rental units. However, we would suggest you begin with $700. We used $700 to calculate the cash on cash return percentage.

As always, we will manage the property for you, if you need that service.

ARV: $225,000-$250,000

Asking Price: $180,000

Cash on Cash Return: 13.18%!

PROPERTY DETAILS

• Bedrooms: 8
• Bathrooms: 8
• Square Footage: 3596
• Unit Sizes: Approximately 900 square feet each
• Year Built: 1964
• Basement: unfinished & “dry”
• Plenty of upfront parking
• Heating: Forced Air - Gas
• Cooling: Window Units
• Water: City
• Sewer: City
• Taxes: $3316.00
• 100 amp electrical service – “Up to code”
• Utilities are sub metered for each unit
• Roof is only 8 years old

Repairs needed

• We’re estimating $3500 in repairs are needed.
• We will pay for the cost of the repairs that are listed below!
• Our crew will take care of the following repairs, immediately after close.
• Vacant unit needs painting, cleaning, touch up and either new carpeting or laminate. (It’s your choice, carpet or laminate.)
• Replace two windows
• Paint cabinets in one unit
• Trim trees and dispose of branches
• Miscellaneous clean up – Cleaning crew coming in after we paint and put in carpet or laminate. Also other small items like: a new
• light fixture, new bathroom faucet etc.
• Three of the four units will just need a typical touch up when tenants leave. (NOT included in estimate.)

Comparative sales

Here's a similar property with two 2 bedroom units and two 1 bedroom units listed for $250k:

https://www.zillow.com/homes/for_sale/Merrillville-IN/apartment_duplex_type/2120862056_zpid/19328_rid/2-_beds/1-_baths/1900-1989_built/41.573719,-87.190418,41.386984,-87.437611_rect/11_zm/0_mmm/

This particular comp is only a 2 unit, each with one bathroom.

https://www.zillow.com/homes/recently_sold/Merrillville-IN/apartment_duplex_type/99168151_zpid/19328_rid/2-_beds/1-_baths/1900-1989_built/41.572691,-87.200032,41.385953,-87.447224_rect/11_zm/

Terms of sale

The highest offer will take the deal. Please send in Proof of Funds along with your Offer. Cash or hard money offers will be favored over financing.

• $2500 earnest money deposit required. Will be escrowed with the title company
• Buyer pays all closing costs. Estimated closing costs are approximately $1200
• We receive a substantial discount on closing costs and Title company fees. If you use our Title company, we will pass the savings onto you. Attorney fees are the buyer’s responsibility. However, Indiana does not require an attorney. It’s at your discretion.
• Buyer will receive taxes prorated to 100 percent and free and clear title
• Proof of funds required for viewing
• The first investor with a signed contract and earnest money gets the deal
• This is an IRA Qualified investment

Contact Details

Please contact me by Private message, call or text 7734017321