Cash Flowing Duplex Amazing ROI!
1624/1626 S J Street Elwood, IN
Only $105k!!!
This 1920 sq ft duplex is an Unbelievable Opportunity for a Fantastic ROI with AMAZING TENANTS!!! This property is a 3/1 per side and Unit 1626 is completely updated. That tenant is Section 8 and pays $980. Unit 1624 has had the same tenant for 12 years. He is happy without any updates and wants to stay. His lease expires on June 30th, 2026. He is willing to sign a new lease and increase his monthly rent from $585 to $900. Tenants pay all of their own utilities.
There is nothing needed to do here but collect rent. The siding has been recently done and there are not any roof issues. Mechanicals are all in working order and the window a/c units are owned by tenants. Age of roof and mechanicals is unknown.
Per Rentometer, Average Market Rent for a 3/1 in this area is $1242. Therefore, at some point if you want to renovate 1624 in order to maximize rents, you have the potential to bring in $2484 with a minimum investment to update 1624 of only $5-10k for cosmetic repairs including fresh paint, updating flooring in kitchen, stairs, and the 2 upstairs bedrooms. The family room flooring is the original hardwood, and the main floor bedroom has LVP. It is unknown as to whether hardwood is also under the kitchen vinyl and carpeted areas.
With the increase of rent for unit 1624 to $900, Instead of 1% rule, this provides 1.8% with awesome tenants paying $1880 per month OR after lease(s) expire, Maximize ROI and increase to 2.2% with a Purchase Price of $105k and max repairs cost of $10k and increasing rent to avg mkt rent of $2484 per month!!!
Please click here for additional photos and video: Pics 1624 and 1626 S J Street Elwood, IN – Google Drive