1701 & 1703 E. 14th St Muncie, IN 47302-Delaware County Parcel # 1123107001000 Township: Center Twp Subdivision: Beuna Vista Annual Taxes: $3,138 Built 1977 Bldg Sq. Ft. 6,048 Lot Sq. Ft. 15,002 Last Purchased: 11/30/2015 for $290,000 Currant Remaining balance on Private loan is ~$167,000 at 8% Owner has invested over $100,000 in repairs & upgrades. We are in process of foreclosure on a 24 unit in same area (15-one bedrm & 9-two bedrm units that buyer may not be able to come-up with financing, it apprised back on mid- 2017 for over $1.3M so that would be over $54k per door, this one is only at $33.1K per door! Motivation: Canadian Investor selling due to declining health concerns and wants to spend more time with family. Currently under good local Property Mgt. Flat 10% of collected rents. -16 units that are all 2 Bed 1 bath, all electric approx. 750 Sq. Ft. Stove, heat, individual H2O heaters in each unit. Switching over from $650 with LL paying utilities to $550 with Tenant paying all Electric, LL Pays for Water/Sewer average about $85~$90 per unit per unit and Trash is $142/Mo so total per unit utilizes are about $95/mo. 88% Occupancy with 14 of 16 rented Rents and plans very see recent P&L statement (send me email so I can forward) Rents vary depending on plans of old or new leases, from $550/to $750, see P&L and Performa 1 Tenant has been there over 20 yrs! 2 units need upgrade- Ave upgrade is $4,000 to $5,000, based on Property Mgt. completing. Ideas to Increase Income: -Currently Property Mgt. is now renting out the Entry Closets that is under the stair well for tenant at $$35~$50/mo. but here are only 4 closets. -Could add in Nice Murphy bed units (see attachment) to call these a 2+ unit and we believe that we could get $50~$125/mo. in additional rents (units are under $2,000 complete) -Looking into getting estimates to add in 2 additions for Coin-op W&D rooms. -We believe that there is enough vacant lot space behind to add in numerous one level storage facility(or covered parking or enclosed garages). We have contacted local storage Unit builder (I can provide that contact) and have estimated that for between $50~$60K would build conservatively 10, (10x15) units rents would be between $55 to $125/each. That’s 1,500 sq. ft. at $15/per. yields $22,500, 6,000 sq. ft. of concrete at $4/per or $24k and about $600 per door that $6,000 and in permits, drainage and lighting if needed. Buyer is to pay for all closing costs and Property Taxes are current. Please DO NOT contact the Property mgt company. Investor Buyer must complete our Letter of Intent & Provide Verifiable Proof of Funds letter or Loan Commitment”. For additional information and a scheduled showing please call Tony at (317) 529-5633 or email me email me at PropertySolutionsResource@Gmail.com *This is a Wholesale Deal that uses an Assignment of Contract Rights to End-Buyer. Contract Holder is a Licensed Broker in the State of Indiana, acting as a Principle in the transaction. Offered Pricing includes Assignment fees. Due your own Due Diligence before you make any offer. If you see other ads they are NOT the Holder of this contract. *If you see this from another source please let me know, unless they have my written permission they are not in control of this property, you can make an offer with my LOI and you must submit a verifiable proof of funds.
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