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PROPERTY OVERVIEW

This 2 family duplex has a total of 3 finished floors, which includes a 2 story 2nd/3rd floor large unit with a rare full bath on each floor. 
 
Very long term tenants who are on M2M leases and have been living at the property for years
(current market rents are substantially higher). 
 
Recent updates include: new mechanicals, interior and exterior maintenance items, painting, concrete work, toilets/plumbing. 
The garage is also a newer build. 
 
Property will be sold POS compliant which includes additional improvements at Seller's expense
(inquire for details) and is located near the University in red-hot University Heights!

 

RENOVATION HIGHLIGHTS

  • Will be sold City POS Compliant
  • All exterior brick tuck-pointing
  • Newer 2 car garage built in 2014
  • Newer Roof 
  • Exterior repairs and upgrades

PROPERTY FEATURES

  • 2 unit duplex - very popular location
  • 5 bed, 3 bath + basement 
  • Near Case Western University
  • Large upper unit has 2nd & 3rd floor
  • Fully leased to excellent long-term tenants

 

INVESTMENT HIGHLIGHTS

  • Buy with Only 20% down
  • 1 Year Home Warranty w/ APHW
  • Full Management in Place
  • 9.42% Cap Rate
  • Post- pandemic potential for 20- 30% rent increase to achieve current market rents

Projected Year 1 Core Financials

Monthly Rent: $1,525 (Market Rent is Over $2,000/mo)

Gross Annual Income: $18,300

Property Tax: $4,679

Property Mgmt: $1,830

Insurance: $550

Projected NOI: $11,241

 

Cap Rate: 6.65%

 

Direct Price: $169,000

Price w/ Agent: $N/A

 20% Down: $33,800

 

Cash on Cash: 10.57%

(Based on Core Metrics - For Estimation Purposes Only)

 

Disclaimer: The estimated analysis are presented in good faith and in no way represent a commitment on the part of the Seller(s), or any affiliate thereof, to provide the returns indicated herein. Please be sure to understand the risks associated with investing in real estate and make appropriate assumptions; while 1-year (3rd party) warranties are typically offered as a mitigator for certain expense risks, they should not be a replacement for normal rental property assumptions. Any promotions or other marketing statements must be included in the transactional paperwork associated with the property in order to be valid. Please be sure to conduct your own due diligence and seek your own professional advice.

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