Property Description:
40 year, family-owned bungalow style 2/1 duplex available by wholesale in Franklin Heights neighborhood. Located a block from the corner of Capital Dr. and 27th St.
Two car detached garage accessed by alley. Second floor unit being used now as a 2 bedroom, even though its billed as a 1 bedroom.
Roof and exterior in good condition. Older, but not leaking - no cupped shingles
Basement walls solid
Both furnaces and water heaters working well
Electrical is separated and converted to breakers
All woodwork including buffet with leaded glass in good condition
The family has taken good care of this fair-good condition property over the years, but needs some attention to minor repairs:
DYI electrical on two pull chain lights should be redone
First floor bathroom needs a repair to the vanity cabinet and shower surround
Minor repairs needed on facia, downspouts, gutters
Stairs to basement should be re-built
TLC - paint and some carpet could be replaced
A contractor estimated total repairs at $6,000-8,000, but not all repairs are needed immediately.
Tenants are family of the owner, paying discounted rent of $400 per month each. Agreement is verbal, month to month. Market rent is $675 per month for a 2 bed unit, and $545 for a 1 bed unit.
Comparable sales: Inquire for a full CMA report. Among 5 sales of 2/2 or 2/1 duplexes in the past year, within 5 blocks of this property, sold prices as follows:
Low $40,000
Average $47,150
Median $45,000
High $56,250
Solid investment. Considering repairs necessary, this property is still priced to sell quickly at $29,900 OBO. Cash offers only please. Please call or email me for a showing.