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Elbert D.
  • Real Estate Entrepreneur / Investor
  • Chicago, IL
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688
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OH MY!!!!!! 16% CoC Return! 3 unit in Indiana! This will go FAST!

Elbert D.
  • Real Estate Entrepreneur / Investor
  • Chicago, IL
Posted Apr 5 2018, 09:33

3915 Grand Blvd. – East Chicago, Indiana 46312

This is a multi unit home in a city located just across the Indiana border and very close to Chicago. It’s only a 10 minute drive to downtown Chicago. The downtown area of the city is within walking distance. The taxes are very reasonable and it’s in a quiet neighborhood. Once this property is rehabbed, it will bring outstanding cash flow. Our crew will take care of the rehab for you and our property manager will manage it, if you need those services. This will NOT last, so don’t delay.

Property Address:

3915 Grand Blvd. East Chicago, Indiana 46312

Property Specs:

3 Story Frame

Empty lot next door

5068 square feet

3 units

1 – 1 bedroom unit

2 – 3 bedroom units

Built: 1913

3 car garage

7 Bedrooms

4 baths

Full Basement

Taxes: $1,512.00

Property Details:

This is a very large multi unit. One of the smaller units was converted into a large 3 bedroom unit. The larger 3 bed unit, could rent for more than a “standard” unit, however, we did not increase the rent cost. We would rather be conservative with our rent estimates. If our property manager can get a higher rent, then we feel that’s just icing on the cake! So, you have a total of 3 units. The roof is only 4 years old. There is a coin op dryer located in the basement. You could purchase a coin op washer and create an additional stream of income each month. Note: The tenants pay for electric and “stove” gas. The Landlord pays for heating (gas) and water. We have included these costs on the CCR sheet, under the “maintenance” costs. As a result of the tenants not paying for heat, we have compensated for that cost and it is reflected in the rents.

3915 Grand Blvd. East Chicago, Indiana 46312

Price:

Purchase Price: $47,000.00

Rehab Costs: $40,000.00

Total Price: $87,000.00

Cash On Cash Return = 16.46%

REPAIRS NEEDED

Rehab Cost = $40,000.00

The rehab on this house includes quite a bit of “updating”. The entire scope of work is available upon request. Here is a list of major things we will be repairing or replacing:

  1. Some New appliances
  2. New flooring throughout
  3. New bathrooms – Flooring vanities, faucets etc.
  4. Paint all units
  5. Repair front enclosed porch
  6. Replace some windows
  7. Replace some kitchen cabinets

It will take approximately 6 weeks to complete the rehabs. We will work on one unit at a time, so that you can start renting as soon as possible.

Terms of Sale

The highest Cash Offer will take this deal. Please do your own due diligence before contacting us. Send in Proof of Funds along with your offer.

We have equitable interest in the property.

  • The info listed above is to the best of our knowledge.
  • Buyer pays 100% of closing costs which include: title company fees and your attorney fees
  • Buyer will receive taxes prorated to 100 percent and free and clear title
  • Please do all your inspections and due diligence up front before contacting
  • The first investor with a signed contract and $1000.00 earnest money gets the deal
  • This is an IRA Qualified investment

CONTACT DETAILS

 PM me or email me

Email: [email protected]

Offering

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