3145 Carter Ave, Ashland, KY 41101

INVESTOR ALERT!!! Fixer Upper tri-plex near KDMC, restaurants, & downtown. One tenant currently rents for $700/mo and two units are vacant. Each apartment has its own heat/air wall unit and pays their own electric. Large parking area in back (accessed from alley); on-street parking is also available. Vacant lot next door may be available for purchase. Repairs needed include roof (estimate from Ray's Roofing $9,395), wiring, plumbing, siding, gutters, exterior wall repair next to neighbor, uneven floors, stairway & deck to upper unit, hotel-style heat/air units, and some interior repairs. Upstairs unit was condemned by the City of Ashland due to stairs and deck repairs needed, but condemnation can be lifted once that is done. One electric water heater serves all 3 units, and seller pays for water on a single meter, since this was originally a single family home before being converted to a triplex by a previous owner; you may want to have these separated as part of the renovation. ARV $125-135,000 with potential rents of $750-850 for the 2-bed unit on first floor (now paying $700), $650-750 for the larger one-bed unit upstairs, and $600-700 for the smaller one-bed unit with back deck on the first floor.