PROPERTY DESCRIPTION

This is currently set up as TWO units. An owner occupant could live in one and rent the other to help with mortgage costs. OR a buyer could convert this into a single family house with 4 or 5 bedrooms, your choice in this desirable neighborhood. End unit only one adjoiner. Lots of possibilities here in Olde Uptown, 2 units live in one and rent the other, rent both, or convert the 2 units into one large 4-5 bedroom home for yourself/family/rent/flip in this great neighborhood, close to the Riverfront. Desirable neighborhood with well kept older homes intermixed with newer construction, a real revitalized area. Across the steet from playground and small park. First floor unit is 1 bedroom, and second unit is 3 bedrooms on the second and third floors. Low real estate taxes less than $2,000 total per year. Brand new natural gas furnace professuionally installed 2 years agofor 3 br. Two hot water heaters 1 gas (3Br) 1 electric (1br), each paid by tenants. Washer and Dryer hookups in basement. Only utilities paid by the owner are water, sewer and trash. Tenants pay all other utilitites. Close by to the Alvaro Bread and Pastry (also have great meals) and Little Amps Coffee Roasters, both great places in the neighborhood. (I've been to both) Rear porches recently rehabbed and painted as was most of exterior. This building is in great shape ready for a new owner in a great neighborhood. Exterior freshly painted including rear decks, just last week. Current rents 3br = $1,275 and 1br = $975. Rents are below median rent for the area and there is room to advance the current rents. Median rent, per FHA for a 1br is $1,021 and for a 3 br is $1,634. At Median FHA rent level yearly gross rent would be $31,860. Owner pays water, sewer & trash which totalled $2,393 last year. Owner pays insurance which totaled $828 last year and real estate taxes which totalled $1,921 last year. At the current rent 10.9 CAP rate. At the FHA Median rent of $31,860 would be 13.3 CAP rate and above Median rent, (which is 50% above and 50% below) the CAP reate would be even higher.