4 Door Portfolio Package
Only $225,000 Cash
Better than 1% Rule, This Offers 1.7% Potential
(This is based on Delawanda rent of $860 + Anticipated Rent for 2/1 of $965, plus W 16th rent of $1200, plus anticipated rent for Memorial of at least $750 for fully furnished)
1916 and 1916 ½ S Delawanda Avenue Muncie, IN
$107,500 OBO.
This is an adorable renovated 1420’ duplex built in 1953. The front unit is a 2/1 with a family room and huge eat in kitchen. The back unit is a 1/1. There is a shared utility room between the two units with mechanicals and a washer/dryer. This mfh is in great shape with very little to do other than collect rent. The front unit just became vacant.
PropStream avg rent in this location for a 2/1 is $965. The back unit is rented with an excellent long-term tenant paying $860 per month which includes a flat fee for water, sewage and trash. Therefore, TOTAL ANTICIPATED RENT IS $1825!!! Please note that the flat utility fee which was collected from both units resulted in a net gain of $206.65 over the past year. Tenants pay for all other utilities. Once the front unit is occupied at avg monthly market rent, this rent to purchase price will provide 1.7% which BLOWS AWAY THE 1% RULE!
An inspection which was done in the fall did not reveal any major concerns with the property and mechanicals and roof appeared to be in good working order. The property is currently being professionally managed. Since the tenants just moved out, the only immediate need is a fresh coat of paint and some minor cosmetic repairs. Asking for a quick cash close only!
Click here for additional photos and video: Pics 1916 1nd 1916 .5 Delawanda Ave – Google Drive
Fully Furnished Airbnb/Buy & Hold 3 Miles from University
2020 W Memorial Ave Muncie, IN
$60k OBO
This 1/1, 528 sq ft fully furnished home, was built in 1925. It has been used as an Airbnb rental, which averaged $1600 per month. However, it can also be used as a buy and hold. Per Rentometer, avg rent rate in this area for a 1/1 is $703, but since it is furnished, you might be able to get $750-$800 per month or you also have the option of providing short-term monthly rentals which would pay significantly more than a standard buy and hold rental. There are lots of work positions needing these types of rentals and there are also opportunities to provide short-term housing for insurance companies when people are temporarily displaced from their homes. Please note, there was a leak in the ceiling of the backroom, as shown in the pictures, and per the owner, this issue has been addressed although the ceiling has not yet been repainted.
Click here for additional photos and video: Pics 2020 W Memorial Dr Muncie, IN – Google Drive
Fully Furnished Airbnb Cash-Flowing as Buy & Hold
1000 W 16th St Muncie, IN
$65,000
This adorable fully furnished 576 sq ft 1/1 home, built in 1944, provides so many options to earn income. Per the owner, this home was completely redone inside and out in 2017 or 2018 including new siding and a metal roof. Previously it had a great cash flow as an Airbnb and now is cash-flowing $1200 per month with tenants under a 1-year lease. These tenants would be interested in purchasing this home as a rent to own, or you could continue leasing as a standard buy and hold, or since it is fully furnished, you can rent as an Airbnb, or offer short term leases for traveling nurses, or insurance clients.
Click here for additional photos and video: Pics 1000 W 16th St Muncie, IN – Google Drive