!!!!iNVESTOR ALERT!!!!Back on the market - buyer didn't provide deposit check!!! Duplex - 2 individual units each with 2 bedrooms 1 full bath, and 2 assigned parking spaces (there is over flow parking very close) Unit #18 is the lower Unit, Unit 18! is the upper unit, ezch has it's own exterior entrance. 18 and 18A Clinton Condition: Water heaters replaced within last 5 years. New exterior HVAC units in past 7 years. Roof replaced in last 5 years. Interior of the units are good (Lower), fair (upper). The interiors will need new paint and flooring when the tenants move out. The upper unit will need a little more, but again, only when the tenant changes. Upper unit has lots of people and is very full of stuff. Income: Current rent is $940/mo. for the upper unit, and $925/mo for the lower unit. Seller will/has be sending them out rate increase notices of 5% in the next couple of weeks. Meaning an increase of $47.00 for the upper unit and $46.25 for the lower unit. Leases are up as of 7/1/21 for lower unit and 9/1//21 for upper unit. Leases are month to month, but tenants have both been in place since 2013 and have not indicated that they plan on moving. Section 8 pays approx. $440 for the lower unit, and $740 for the upper unit. The balance is paid by the tenants. The rent increases are/will be approved by section 8 for Jan. 1 increase Expenses: Landlord pays for Trash: about $1.00 per day for each unit. Republic Services Landlord pays for Water about $100 (total) per month. Landlord pays for sewer. See tax records. HOA fee is $150/year, pays for snow removal and parking lot repair. Landlord Pays $20/10 days for lawn mowing, avg year about 20 times Insurance about $683/year The average cost to reoutfit the interior of a unit from top to bottom between tenant changes is $5000. By a local contractor who does a lot of these units. Advantages: There are fewer properties on Clinton then on the surrounding streets. It is quieter than the other streets, making it more likely to rent. When the listing is posted for rentals, the calls are overwhelming. As it is one of the few rentals that are not in the city of Wilmington at this price point. To see the property: Please have the buyer do a drive by. Review the info on this sheet. Provide a recent pre-approval with a large down Payment 20% or more/ or proof of cash. We will need minimum of 24 hours to set up the appointments to see the interiors. Desired in the offer: Purchase price of $210K $5000 Ernest Deposit Cash or Conventional loan with large down payment. A relatively quick settlement.
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