Two-unit property located at 1819 and 1819 ½ Pennsylvania Avenue, Charleston, West Virginia for $110,000. GREAT location that is highly convenient to downtown Charleston. You can live in one unit and rent out the other unit covering most of your mortgage. At 3.5% down, 8% interest, and a 30-year amortization term, your monthly payment is only $778 per month. Why rent when you can essentially live for free? The front unit just got a brand-new roof ($8,000+ value). The back unit is also freshly painted professionally ($4,000+ value). Each unit has 2 beds, 1 bath. The front unit is 1,116 square feet and the back unit is 636 square feet for a total of 1,752 square feet. The property is priced at just $63 per square foot. For investors, this property is priced to sell at near an 11% stabilized CAP rate. It is tough to find a truly cash flowing property with today’s interest rates, but this one does. The numbers for the last three years are pictured below. 2021: 15,900 income, 1221 taxes, 906 insurance, 1,621.73 expenses, and a CAP rate of 11.05% 2022: 15,875 income, 1468 taxes, 393 insurance, 1,395 expenses, and a CAP rate of 11.47% 2023 (through Oct.): 15,525 income, 1,558 taxes, 390 insurance, 2,486 expenses Full financials, including a rental property calculator showing projected CAP rate, are available upon request. The back unit is currently vacant. Front unit is currently occupied on a MTM lease for $775 per month. I can have both units occupied by closing or both units vacant by closing depending on the buyer's preference. The back unit has rented historically between $650 and $700.
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