Huge ROI on Buy & Hold Duplex 4 Miles from Ball State University
1916 and 1916 ½ S Delawanda Avenue Muncie, IN
$101,000
This is an adorable renovated 1420’ duplex built in 1953. The front unit is a 2/1 with a family room and huge eat in kitchen. The back unit is a 1/1. There is a shared utility room between the two units with mechanicals and a washer/dryer. This mfh is in great shape with very little to do other than collect rent.
The back unit is rented with an excellent long-term tenant paying $860 per month which includes a flat fee for water, sewage and trash. The larger front unit is now vacant. PropStream avg rent in this location for a 2/1 is $965. Therefore, TOTAL ANTICIPATED RENT IS $1825!!! Please note that the flat utility fee which was collected from both units resulted in a net gain of $206.65 over the past year. Tenants pay for all other utilities. Once the front unit is occupied at avg monthly market rent, this rent to purchase price will provide 1.8% which BLOWS AWAY THE 1% RULE!
An inspection, which was done in the fall, did not reveal any major concerns with the property and mechanicals and roof appeared to be in good working order. The property is currently being professionally managed. Since the tenants just moved out, the only immediate need is a fresh coat of paint and some minor cosmetic repairs. Asking for a quick cash close only!
Click here for additional photos and video: Pics 1916 1nd 1916 .5 Delawanda Ave – Google Drive