This 4 unit building is a great opportunity for an investor or owner occupant. This property does qualify for an FHA loan that an owner occupant could use to be able to put down 3.5% and be able to live at no cost and end up with a paid for asset. The location is great because there is a significant shortage of rental apartments and is in the district for Georgia Elementary, one of the best schools around with choice of high school. At the moment 3 of the 4 units are occupied with leases, there is a 2 bedroom unit that I am leaving vacant in case the buyer wants to occupy the building. If an investor is buying I am happy to have the last unit rented before sale. Here are the details about the property- 4,545 Sq Ft, 3 stories, 4 units, 4 acres of land, individual natural gas heat and hot water for each unit, individual electric meters, commercial water filtration system for the building, all but 3 windows have been updated to vinyl, laundry room with 3 month old $4k coin-op Speed Queen washer/dryer for extra income, well water, mound septic. During the past 5 years of my ownership there has been a lot of improvements made including getting the building up to code per VT Public Safety/Fire Marshall, renovation of 3 of the 4 units(1 had just been done prior to sale) so all look good, a new roof installed about 2 years ago (including plywood, high quality shingles, over $20K cost), within the last year a fair amount of siding was replaced as well as new quality exterior paint and caulking around windows on 80% of the building, addition of a 3rd story fire escape ladder and platforms due to insurance requirement, new well pump within the last 2 years, recent septic maintenance including pumping and jetting of laterals, as well as several smaller projects over the years. When I purchased in 2012 the building needed a lot of attention, it is now truly turn key for the next owner. Rents: Unit A 1 Bed $850/ Unit B 2 Bed $1338/ Unit C 2 Bed $950/ Unit D 3 Bed $1350 Unit B has natural gas included in rent, just the deal that was made. Fully rented situation(easy to do, amazing demand) =$53,856 Expenses- Taxes-$6224 (would be lower if owner occupied) Utilities-$7000 Maintenance- $1403 Insurance-$2642 (the building is insured for $650K currently so the yearly premium could be reduced, I received a quote of ~$2100, I'm sure someone could do better shopping around) Asking price is $395,000, a 3% buyer's agent fee is offered OR 3% cash back for closing costs.
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