Finally, a multi-unit unit building that makes sense! There are two options here. First, house hack, which means live in one unit and rent out the other units. If you house hack then you will almost live for free or you will make money every month depending on the situation. Second, keep it as a pure investment play. The first floor, rear apartment features one bedroom and it is already rented for $1,000 per month through March 31, 2022. The second floor apartment features two bedrooms, a formal living room, a dining room and a rear bonus room, which can also be used as a third bedroom. The second floor unit is presently rented for $1,500 per month through November 30, 2022. These two apartments already bring in $2,500 per month in rental income. Like clockwork. There is also a third unit in the building, which is a studio apartment, but we do not represent the legality of this third unit. FHA/VA, conventional and cash buyers are welcome! Go with FHA financing for an approximate mortgage payment of $1,978 per month based on a selling price of $350,000 with a 3.5% down payment (or $12,250) at a 2.5% interest rate as well as a $3,558 annual property tax bill, a $100 per month insurance premium and a $247 per month mortgage insurance payment. Or, go with conventional financing for an approximate mortgage payment of $1,682 per month based on a selling price of $350,000 with a 15% down payment (or $52,500) at a 3% interest rate as well as a $3,558 annual property tax bill, a $100 per month insurance premium and a $32 per month mortgage insurance payment. Please discuss financing options with your loan officer. On a final note, this property does not have a garage but there is ample street parking; there is also no basement and, hence, no flooding issues. This is an excellent investment opportunity in an excellent area! Very low taxes even without a homeowner's exemption! A must see. A 10!
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Peter Drossos Real Estate.
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Listing information last updated on June 13th, 2021 at 10:01am CDT.