3705 S RACE STREET MARION, IN
$42,500
This package consists of 1 cash-flowing 2/1 apartment and a gutted 896 square foot vacant house on one parcel of land located 1 mile/1 minute drive from Indiana Wesleyan University. There is a 2 car garage – 1 bay for apartment and 1 bay for the house. Additional parking is also available behind the house. Tenant is mo2mo who wants to stay and is currently paying $470 plus utilities. Avg market rent for apartment is $750 with anticipated avg rent for 2/1 house of $850 or make it into a 3/1 or 3/2 to earn in excess of $1000. With Market rent of $750 and purchase price of $42,500 for just the apartment means almost 2% rent/purchase plus a house with future additional potential of $850+ after rehab. If not planning on rehabbing house anytime soon, then house and extra bay in the garage could be rented out for storage providing an additional source of revenue.
Click here for additional photos: Pics 3705 S Race St – Google Drive
Why Marion?
Marion is one of the best cities for rentals in Indiana. The demand is high, and the supply is low. As the city grows, the demand gets even greater! Houses are being renovated all over this city. These rehabbed homes are increasing
the comps in the area. As more properties are renovated, the value of your property will continue to increase along with your equity. The mayor is focusing on creating a city that attracts new families and retains those currently living in this small town which is conveniently located between Indianapolis and Fort Wayne. GM has committed to $481 million dollars to help grow commerce and increase jobs. Get in while the getting is good and before the secret is out!