PRICE REDUCED, FOLKS THEY DON'T COME CHEAPER THAN THIS ONETake over unfinished rehab rental that could be either a 3 or 4 bedroom depending on completion of upstairs attic which already has one bedroom in it. Quite street directly behind church and in industrial area. Partial repairs done on 1st level. Clean dry full basement with W&D hook ups. Den with fireplace, formal dining room and living room with combined 1st & 2nd floor sq. ft. of 2,416 and another 1,088 in basement. Appliances stay. RepairsEstimated at $25,000+ depending on how you finish. Needs Roof, siding and Windows, gutters (I think a little high). Minor Landscaping & some painting work. Interior replace fuse box with Circuit Breaker panel and some wiring and plumbing. Finish off upstairs attic areas to add in additional bedrooms, complete work on 1st floor, complete work on kitchen and bath. Hidden potential to increase rents is to add in rear parking in back yard. Rents/Cash FlowsDepending on if you finish as 3 or 4 bedroom rental: *Rent-O-Meter.com shows 49 rentals within .66 mile radius -Rents average $901/mo, for 3 bedroom & $1,000 as 4. *BLC/MLS shows low average of $850 for 3 Bedrm & $875 for 4 bedrm *Section 8 using 10/01/12 FMR standards yield $918 & $1,037 respectfully. Using a blended rate from 4 source's a possible projected cash flow would be $501/mo. wo/PI on 4 Bedrm and $407/mo. wo/PI on 3 Bedrm and this would yield a 16% cap for 3 bedrm and higher for 4 bedrm. (see www.PropertySolutionsResource.com for Cash Flow Analysis Report) Additional Description*2013 Net Assessed Tax Value shows $59,800, with $658/Semi-AnnualToday's market conditions ARV's often difficult to interpret and are highly subjective. Using Real List from the BLC comparables it is noted that there are mostly distressed sales in recent past, ARV is estimated at 85% of Assessed value due to a lack of good data from comps, which yields $50,830 this would give an AVERAGE dollar per sq. ft. of $22.27 counting the 1st floor and finished Attic area of 2,416. Basement sq. ft. of 1,088 not used in calculation. No recent BLC activity. This is a Wholesale Deal that uses an Assignment of Contract to End-Buyer. Contract Holder is a Licensed Broker in the State of Indiana, acting as a Principle in the transaction. DO YOUR OWN DUE DILIGENCE BEFORE you make ANY offer.
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