18 UNITS ALL MULTI-FAMILY MUNCIE, IN
$650K OBO
Unbelievable Opportunity for an Incredible ROI! Forget the 1% Rule, this gives you the opportunity to be at almost 2% after partial renovations are completed! This is a package of 2 Quads, 2 Triplexes, and 2 Duplexes. Four of these properties (1 Quad, 2 Triplexes, and 1 Duplex) are Cash Flowing. Out of these 12 Doors, only 2 Units are Vacant. Before the cash flow increased and some of the vacant units were occupied, appraisals were done on 3 of the 4 properties. Those 3 properties appraised at a combined total of $410k, and this didn’t include the appraisal for 1523 E Washington St, which is the 2nd highest income producer! With higher revenue and more occupied units, higher appraisals are anticipated.
Also included in this package is a partially renovated quadplex and duplex. The owner has invested almost $200k on these two MFHs. These are priced at a fraction of what he has spent on them! If Washington appraises at a minimum of just $140k, with a purchase price of $650k for the entire package, then the price for both of these partially renovated properties is only $100k which provides an excellent opportunity for a huge ROI!
If all below market rents are raised to market rent and all vacancies pay market rent, CASH FLOW FOR ALL 18 UNITS WOULD BE $15,839, INCLUDE VALUE ADDS AND CASH FLOW INCREASES TO $16,357!!!
SNAPSHOT OF CASH FLOWING PROPERTIES
| Address | Total Units | Units Rented | Current Cash Flow | Anticipated Cash Fully Occupied | Fully Occupied at Market Rent |
| 1523 E Washington St | 2 | 2 | $1,989 | $1,989 | $2,243 |
| 1718 S Elm St | 3 | 2 | $1,025 | $1,756 | $2,172 |
| 419 W Howard St | 3 | 3 | $1,995 | $1,995 | $2,600 |
| 915 W Powers St | 4 | 3 | $2,450 | $3,204 | $3,279 |
| Totals | 12 | 10 | $7,459 | $8,944 | $10,294 |
SNAPSHORT OF PARTIALLY RENOVATED PROPERTIES
| Address | Total Units | Units Rented | Rehab needed | Fully Occupied at Market Rent |
| 1024 W Powers St | 2 | 0 | Yes | $1,725 |
| 415 W Howard St | 4 | 0 | Yes | $3,820 |
| Totals | 6 | 0 | $5,545 |
CASH FLOWING PROPERTIES
1523 E Washington St Muncie, IN
This duplex has both units cash flowing a total of $1989. The bottom unit has a new kitchen, new flooring, and new paint. It is a 3/1 rented for $1289 per month. The tenant loves it and doesn’t plan on moving. The upstairs unit is a 2/1 with new flooring. The tenant pays $700 per month (average rent for 2/1 per Rentometer in this area is $954) If the 2/1 rent is raised to market rent, then total monthly rent would be $2243 per month. There is also a detached garage which could also create even more income potential. Value Add, there is a 3rd common room that could be easily converted into a 4th bedroom (Per Rentometer, average rent for a 4/1 in this area is $1423). With all units paying market rent and with the value add, then monthly income would be $2377!
Click here for additional photos and video: Pics 1523 E Washington St – Google Drive
1718 S Elm St Muncie, IN
This triplex has 2 of the 3 units occupied and is cash flowing $1025. The studio is paying $500 (Rentometer shows avg market rent of $710 for a studio in this area) and one of the 1/1’s is paying $525 (Rentometer avg market rent for 1/1 in this area is $731). If vacancy is filled at market rate, income would be $1756. If all units are rented at average market rent, then monthly cash flow would increase to $2172.
Click here for additional photos and video: Pics 1718 S Elm St – Google Drive
419 W Howard St Muncie, IN
This triplex has been completely remodeled. It has new kitchens, new baths, new windows, doors, furnaces, and electrical. All 3 units cash flowing. The studio is paying $595 (Rentometer shows $690 average rent for a studio in this area). Both 2/1’s are paying $700 each (Rentometer avg market rent for 2/1 in this area $955). If all 3 units were raised to avg market rent, then total monthly rent would be $2600! Value Add, there is a small room off of the family room used as den that could be converted to a 3rd bedroom. Rentometer shows the average rent for a 3/1 in this area to be $1150! Therefore with all units paying market rent and changing one of the 2/1’s into a 3/1, then monthly cash flow would be $2795!
Click here for additional photos and video: Pics 419 W Howard St – Google Drive
915 W Powers St Muncie, IN
This Quad has 4 separate electric meters, 3 separate gas meters, and 3 Central A/C units. 3 of the 4 units are cash flowing. The studio, which is currently vacant, should rent for $754 according to Rentometer. This MFH also has a 2/1 renting for $950 (Rentometer shows avg for 2/1 in this area $989), a 1/1 rented for bath renting for $800 and another 1/1 rented for $700 (Rentometer shows avg 1/1 $736, oddly this is less than avg rental for studio.) Therefore, current rent is $2450. If vacant unit rents at market rate, then monthly income will be $3204. If all units pay at least market rent, then monthly income would increase to $3279! Value Add, with the addition of a wall, one of the 1/1 units could easily be converted into a 2/1 which would increase rent to $983 (Rentometer shows avg for 2/1 in this area $983). Therefore with all rents occupied paying at least market rent with the Value Add, total monthly income would be $3468!
Click here for additional photos and video: Pics 915 W Powers St Muncie, IN – Google Drive
PARTIALLY RENOVATED PROPERTIES
Unbelievable combined monthly rent potential of $5,545 for this quad and duplex. A large portion of the heavy lifting has already been done. These properties have already been partially renovated including new siding, new roofs, some new windows, new electric, new doors, framing and so much more! We spent more on the renovations than we are asking for both properties!
For additional information including a list of everything that has been finished for each property and a Scope of Work for what still needs to be done, Please Click Here: Completed Work and Scope of Work.docx – Google Docs
415 W Howard St Muncie, IN
This beautiful 4,124 sq ft quadplex is framed for four 2/1 units, including washer and dryer hookups. Per Rentometer, the average rent in this area for a 2/1 is $955 for total monthly income potential of $3,820!
Click here for additional photos and video: Pics 415 W Howard St – Google Drive
1024 W Powers St Muncie, IN
This 1,759 square foot duplex features a 2/1 on one floor and a 1/1 on the other. Per Rentometer average rent for 2/1 in this area is $989 and a 1/1 is $736 providing a total monthly rent potential of $1,725!
Click here for additional photos and video: Pics 1024 W Powers – Google Drive