Built in 1900, conversion 4-plex owned by land lord for 40 yrs who is retiring. Well maintained and in excellent condition in B-/C+ neighborhood. Whole building/house (all 4 units) run on one A/C unit and one Water heater/Furnace which is controlled by a locked thermostat that is set to 72 year around. Not an ideal setup but all current tenants have zero issue with this (I have asked each directly). Landlord charges flat rate to account for these expenses with zero issues from tenants. Has clean basement that has a washer and dryer with coin operated setup. Huge attic not being used for anything. Roof to be replaced in next couple weeks by land lord. Windows in various levels of upgraded status but no originals. Vinyl siding in excellent condition, 5+ years of life on them easily.

Income: rent increase estimates built on local comps

All units 1 bed/1 bath

Unit A --> $700

Biggest unit, has bonus room and dine in kitchen, has only off street parking spot, 15 year tenant (month to month), i think the rent could be increased to 800-825

Unit B --> $600

Standard 1/1, Tenant leased until May/2018, I think rent could be increased to 650 after lease

Unit C --> $500

Standard 1/1, 7 yr Tenant (month to month), only unit that would need any rehab and not until (if) tenant left, i think rent could be increased to 600-650 after mostly cosmetic rehab (shag carpet and wood paneling)

Unit D --> $550

This is actually a studio but listed as a 1/1, has Murphy bed that will be removed and wood floor refinished from bed damage (minor), recently vacant but was renting for 550 but would possibly lower to 450 to fill quickly

Additional Expenses:

Landlord pays Gas/Electric and charges flat fee to cover costs. I have accounted for 5% vacancy, 7% repair, 5% CapEx, and 10% prop mgmt

Conversion 4-plex in Omaha Nebraska

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