Forget 1% Rule, Cash Flowing Duplex Provides 2% with Potential of 2.6%
1624/1626 S J Street Elwood, IN
Only $95k OBO and Cash-Flowing $1880!!!!
This could be the best ROI Opportunity of the year!!! 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.
This 1920 sq ft duplex is a 3/1 per side currently cash-flowing $1880 with tenants paying all of their own utilities. Unit 1626 is completely updated with a Section 8 tenant who pays $980. Unit 1624 has had the same tenant for 12 years. He is happy without any updates and wants to stay. He is currently paying $900 and is willing to sign a long-term lease. He is currently on a short-term lease so that the new owner has the choice as to whether to keep him in the unit paying $900 or to remove him so that the unit can be updated in order to maximize rent.
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 $10k investment to update 1624 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.
Instead of 1% rule, this provides 2% with awesome tenants paying $1880 per month OR after lease(s) expire, Maximize ROI and increase to 2.6% with a Purchase Price of only $95k 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
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