Rare two unit with each unit having two stories. Ideal floor plan with two bedrooms, a bathroom and a balcony on the top floor. Living room, kitchen, eating space, laundry, half bathroom and a covered patio on the man floor of each unit. Each unit has a fully fenced chain link yard. Each unit has a covered patio and balcony each with storage closest for a total of two storage closets per unit. The roof is approximately five years old and the exterior paint is approximately three years old. The rear unit will be vacant as of 12/7/20 and will be a great opportunity to increase the rent from the $1,250 per month it had been to $1,500 per month. The front unit is on a month to month lease. The owner pays $100 a month for the water bill and bills back any additional cost to the tenants which is typically an additional $50 to $80 per month. From May through October the owner pays to have the grass cut at a cost of $100 per month. Expenses include property tax ($2,286), insurance ($2,300), water ($1,200) and lawn service ($600). The rents can be raised to get a cap rate of 6.6. Loans and property management fees are not figured into the cap rate calculation.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
