HOT DEAL! Cash Flowing Quad Kokomo, IN
1234 N Morrison St Kokomo, IN
$217,500
All Unit Cash Flowing Quad available in highly sought after Kokomo rental market. This 4,832 finished sq ft plus basement multi-family home features two 1/1 units, one 2 bed/1.5 plus sleeping loft, and one 1 bed/1.5 plus sleeping loft. All tenants are under a one year lease. One tenant is Section 8.
The insides of all of the units are in excellent condition. All four units have porches and one of the units also has a fenced in backyard. There is plenty of room in the parking lot behind the building for tenants and visitors.The roof has missing shingles from a recent windstorm and the estimate for repair is only $1600. The basement, which is not accessed by tenants, does have standing water in some areas after heavy rain.
All units are renting below market average. Total rent for all units is $2,825. Tenants pay their own utilities and each unit has its own mechanicals including central air. Per Rentometer, if all 3 of the 1/1 units rented for $953, which is the avg market rate for a 1/1 in this area and the 2/1.5 rented at the avg market rent of $1502, then Total Rent would be $4361, which Doubles the 1% Rule AND there is still an OPPORTUNITY TO EARN EVEN MORE!!! Additional rent could be charged for the 1/1.5 unit for the extra bathroom and for the sleeping loft, also additional money could be charged for the additional sleeping loft in the 2/1.5 unit. THIS PROVIDES POTENTIAL TO EARN MORE THAN TWICE THE 1% RULE IN A SUPER HOT RENTAL MARKET!!!!!
Click here for additional photos and video: Pics 1234 N Morrison St Kokomo, IN – Google Drive