4 plex in Lebanon, IN - for sale

[Brian Wall]

Hi BP Nation, I need your help.

I have a 4 plex in Lebanon, IN, each unit is 1 bd, market rent is about $475 each unit. 1 unit is currently rented. Address is 223 East St., Lebanon, IN

You can see street view here: https://www.google.com/maps/@40.045916,-86.466898,3a,61.7y,86.94h,96.62t/data=!3m4!1e1!3m2!1s1Gk4hztoLpFonmN0Z1lN3A!2e0!6m1!1e1

I bought this about 6 months ago as a complete fixer. I was working with local company to coordinate the rehab, and re-rental. I am located in Los Angeles, CA, and relied on my local person there.

Long story short, property needs more work than originally expected, and needs more lead time to get it up and running, than expected. As you can see from the street view, it needs new siding. One of the main things I did manage to get done, is split up the utilities so that each unit can pay their own, and each unit has their own heater. I also cleared out previous ("bad") tenants, and put in one good tenant, so far.

I borrowed 100% to purchase and do initial rehab, and now that more money is needed, I don't have it available.

I am ready to throw in the towel.

I would like to get $60,000 as a purchase price to cover paying off lender, as well as cover escrow fees.

If you have the cash, to get in now, and finish the rehab (I am guessing 10-15k, but don't hold me to it. you can probably cash out refi within 6 months or so, once you get all units rented, and get most or all of your cash back.

I am open to any advice, criticism, etc. Hit me with it!

If you have any interest in purchasing, please either post here, or PM me directly. I can then put you in touch with my local guy there that can show you the property.