Hey there! Looking for a great value add apartment project? It may not be a fit for you but I wanted to let you know we have this deal available in the SouthWest area of Spokane 99224. Needs some TLC but will make a great rental complex! Seller is offering Financing for $230k
Inland Northwest Home Buyers LLC is a principal party in a valid and assignable Purchase and Sales Agreement which allows Inland Northwest Home Buyers to purchase this property in Spokane, WA. The decision has been made to offer this Purchase and Sales Agreement to another cash buyer so as to allow you the opportunity to buy this home. If you're interested in acquiring this Purchase and Sales Agreement, please contact us right away!
Not for public distribution. Private communication only.
***PLEASE NOTE: The executed contract terms are available on specific request.*** |
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Details of Property in Purchase Agreement according to homeowner / public information (please do your own due diligence): - 8 Unit Apartment Which is zoned Hotel/Motel Currently being rented out as apartment
- 3,061 SF Building + 910 SF Building
- 2 Studios & 6 (1bed/1bath) Units
- Built in 1928
- Also Has a Single Family Home
- Built 1902
- 3 bed/ 1 bath
- 1148 SF
- Single family home has attached store, which can be converted to a 2/1 Unit
- The attached store is 1,110 SF and is zoned as a garage
- Also Has a Mobile home/Trailer
Location (SW Spokane):- Latah/Hangman Neighborhood
- Centrally Located: 7 min drive to Downtown Spokane
- Downtown Spokane is seeing a major development of colleges and universities.
Market Rent Rate (Estimated):- $475-$495/mo for the 2 studios
- $545-575/mo for the 6 1bed/1bath units
- House converted to a duplex: House 3 bed/ 1 bath $995, 2nd Unit: 2 bed/ 1 bath $775
- Mobile home/Trailer $425
- Has Coin operated Laundry that makes aprox $100 a month
- Total Rent Potential $6530 gross per month
- Actual market rent rates TBD by buyer
Repairs:- Roof is a metal roof (aprox 18 years old may need to be replaced)
- Apartment Units have some newer Vinyl Windows already installed
- Each Units is electricity is sub-metered, Owner pays Water/Sewer/Garbage aprox $750/mo
- Every Unit has a kitchen
- Some Units will need clean-out/disposal of personal items to be left behind by seller at closing
- Full scope of repairs and costs TBD by buyer depending on exit strategy
- A professional Inspection will be done
Owner Financing terms:- 230k Finaced by Seller at 7.5% interest amortized over 30 years.
- Monthly payment of $1,608
- Balence is due on Sale
- Potenial Assignee must provide a credit report to seller and must be approved by seller
Inspection Date: Tuesday, March 20th, from 4:00 PM to 5:00 PM- Property is NOT available for inspection any other date or time
- There will be NO Due Diligence Period after inspection. Plan to bring your contractor and any decision makers with you!
- Inspection date/time subject to change. PLEASE RSVP so we can keep you updated!
- Call/Txt Dan for details at 509-608-0131. **For fastest response, please txt**
- At inspection do not talk to the buyer, if you have questions come to me
- During inspection do not discuss price or terms.
- Please sign in With Dan at the before the inspection
Suggested Offer Price: $290,000 Or Best Offer
Offers:- Must be received no later than Thursday, March 21st by 5:00pm
- Submit all offers to [email protected] or txt Dan at 509-608-0131
Basic Terms:- Cash or Private Financing Only (bank/credit union financed offers will not be considered)
- $5000 Non-Refundable Deposit required to secure the deal (assuming clean title)
- Buyer pays ALL closing costs ( title insurance/ Closing Fee, Recording fees, etc, Seller to pay there own excise tax.)
- Buyer must be able to close on or before March 28th, 2018
- Closing attorney shall be selected by Inland Northwest Home Buyers LLC
- Agents Welcome! Please bring your cash buyers!! Please add your commission to the buyer's offer price--commissions shall be paid by your buyer
For more details, call/txt Dan at 509-608-0131 **TXT for fastest response**P.S are you a Landlord, Flipper, Real Estate Investor? Looking for discounted off market deals? Text me you name and email address and I can let you know of future properties. 509-608-0131 |
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