Duplex Rental or SFH Fix & Flip!
1602 Woodward Avenue New Castle, IN
ONLY $50k!!!
This 1840 sq ft home, zoned as a duplex, will provide an excellent ROI either as a duplex rental or a SFH fix and flip!!! Although this house is zoned as a duplex, the current owners converted it into a SFH. The outside needs some TLC, however the condition of the inside is much better only needing cosmetic attention. New flooring was recently added. The average ARV for this home SFH is $173,788. Please see comps below. Without changing the existing layout, this could easily be a 3 bedroom/2 bath or even a 3/3 SFH , by converting one of the common spaces into a large master ensuite and the 2 upstairs rooms into an additional bedroom with its own bath. Or this could be a 4 bedroom with 2 bedrooms on the main and 2 bedrooms upstairs. However, with the current layout, the 4th bedroom could only be accessed via the 3rd bedroom.
As a rental, maximize rental income by converting back into a duplex with a studio on one side and a 2/1 or a 3/1 bedroom on the other side. Avg rental rates for a 1/1 in this area is $837, a 2/1 is $973, rates for a studio or 3/1 in this area were not available through Rentometer.
Per the owner, there are no known issues. Age of roof and mechanicals are not known, however there are not any leaks and all mechanicals are in working order. This property could be rented “as is” however to maximize rent potential or in order to sell, new siding, gutters, and a new roof would be recommended to enhance the outside appearance. This home will be vacant at closing.
Comps: Comps 1602 Woodward Ave.pdf – Google Drive
PLEASE SEE ADDITIONAL PICTURES, VIDEO: Pics 1602 Woodward Ave – Google Drive