Description / Highlights • 18 rooms, 6 Bedrooms, 2 baths, built 1899 • 2,548 Sq. ft. multi-family / 3,600 Sq. ft lot • Common Back Stairwell • Separate Front Entrances • Steel Exterior Doors • New Windows (excluding two front attic) • Vinyl Siding all but south side • Split Gas & Electric • One active and metered city water supply and an additional inactive supply. • Milwaukee High School of the Arts is one block away • Milwaukee Academy of Science & James Groppi High School 1/2 mile away • Property weatherized prior to purchase via Milwaukee Weatherization Assistance program. Furnace and water heaters replaced. Insulation blow in wall and ceiling cavities. Rehab History 2009 • Acquired in 2008 as Purchase Rehab • Sale Price: 75K & Rehab Costs: 30K • Both units consistently rented for $750 or $850 monthly 2009 to 2014. Improvements from 2010 to Present i.e. “Post Rehab Loan / Work” Note: Sewer Stack broke 2014 Upper Unit Improvements o New Bathroom ? Gutted to studs and replaced everything floor to ceiling to tub surround and all walls. ? Tiled shower surround and floor. ? Added exhaust fan, vanity, and over tub light. ? Added dropped ceiling and can lighting. ? New Pedestal Sink, Kohler toilet, Sink and Shower Fixtures, Medicine Cabinet, Aux Cabinet ? The only original thing in the bathroom is the tub. Again, bath was taken down to studs. o Electric redone Entire Unit including many gang boxes, all fixtures, all switches. ? All bedrooms and kitchen have ceiling fans. ? New LED fixtures: Family Room, Dining room, both Stairwells, & Pantry. Back Stairwell and pantry are motion activated. o New Kitchen Cabinets, countertop, sink etc. o Flooring ? Removed all vinyl in kitchen down to hardwood floor which was refinished. ? Repaired and refinished all hardwood. floors ? New carpeting back bedroom. Back bedroom is the only room that isn’t hardwood. o Repainted Entire Unit o New shelving pantry and all closets. Lower Unit Improvements • Refinished Hardwood Floors • New Kitchen Floor • Added Bathroom exhaust fan • Replaced Appliances General Property Improvements • All locks replaced with rekeyable locks o Kwikset SmartKey Security Re-Key • Soffit and gutter work • South Side Exterior Repainted • Upper & Lower front porch lights replace with LED motion • LED motion light installed back hall upper Current Property Issues Upper Unit Issues • H2O heater • No refrigerator • Kitchen Ceiling needs repair due to roof leak. Lower Unit Issue • Bathroom needs work • Light fixtures should be replaced o Many Fixtures have been purchased General Property Issues • Roof. I’m considering replacing it now. • Back stairwell should be repainted Rental Comps Summary Upper unit could be rented for 850 with minimal effort. The lower could be rented for easily 750 if the bathroom was redone. $775 2BR Upper 2240 W State St $850 3BR Upper 2309 W McKinley $600 1BR Apartment 1035 W 23rd St
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