2 turnkey homes for $36k a door, 17% Cap rate in Hammond Indiana

[Dan G.]

ADDRESS: Google Maps link for tenant privacy Northwest Indiana ; NWI

PIN: 45-07-05-101-017.000-023 and 45-07-05-101-018.000-023

LOT SIZE: Two lots of 50 ft. wide by 144.45 ft. deep totaling 14,445 square feet

PURCHASE PRICE: $67,500 net to Seller

INCOME and DESCRIPTION: Monthly income of $1400.00; Annual income of$16,800

5722 Hump Rd is a single story, two bedroom, one bath home. The home occupied by a long term, single occupant with a $650 PER MONTH Gross rent being collected for over a year

5724 5722 Hump Rd is a two story, three bedroom, one bath home. The home occupied by a medium term, small family with a $750 PER MONTH Gross rent being collected since March 2015

The southern parcel also contains and additional Garage and workshop. Workshop is unfinished on the inside. Power availability at Garage/workshop unknown

I grew up about 1/4 mile from this property and would rate the property area at B-. I feel the rent can be slightly higher to the tune of about $50-$75 more, but the current rates are how these tenants were inherited. Property is close to the train station and not too far from the highway.

NET OPERATING INCOME & CAP: 2015 Property taxes are $1,836.20 (PIN 17) and $1,090.62 (PIN 18) and Monthly Property Insurance is $110 for both parcels. NOI = $12,553.18 ; CAP = 17.4% (using $72,000.00 gross purchase cost to Buyer.

Any questions or concerns feel free to ask or I can be reached directly at 219-239-1233.