An historic 19th-century (circa 1875) home converted to an up and down duplex plus an accessory dwelling unit in the rear that was built for the daughter of the owners of the property in the first half of the 20th century (1938?). The upstairs has a spacious 1 BR apartment (824 SF) while the downstairs apartment has a similar space plus the addition of a small BR (8’ x 12’) (920 SF). The ADU is a small (400 SF) 1 BR unit that is popular because it is detached. All units have separate electricity and heat (the units in the main building have central heating/air conditioning). All units are in excellent condition, but the ADU has been completely remodeled in the past few years with a new shower, bathroom cabinet, medicine cabinet quartz kitchen countertop and faucet/sink, refrigerator, stove, A/C and furnace. There are four off-street parking spaces and a small shared backyard. It is located in the attractive near north side but especially close to downtown and campus (near the intersection of N. Gilbert Street and Bloomington). We have owned this property since 1975 and have improved the apartments over time until they were apartments that we would have wanted to rent when we were young. Once up to our standards, we make any routine repairs that are needed. We generally have rented to young people (e.g., recent college graduates) and in recent years have rented to a number of graduate students. As a result, we have kept the rents below “market rents” so that the students could afford them. In anticipation of selling the property, we have increased the rents for this August to be closer to market values ($890, $950, and $1,300). However, two of the rents were for continuing tenants and are lower than we think they could be. The new rental also is lower than we think it could be, because we found a tenant we especially liked and gave him a rent he could afford. As a result, we think all three apartments could rent for $100 more than the new rents (possibly more).
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