St. Louis(Metro East) 4plex for sale-- $145k. Gross Income $2050

[DJ Cummins]

Hello Everyone,

We are looking at selling a couple of our properties as we are ready to "trade up."  This property is located in East Alton, Illinois, about 25 minutes from St. Louis, Missouri.  This is a Working (C) class area with relatively low crime(no issues in nearly 4 years).  Located 5 miles from an oil refinery(biggest employer in the county), a large steel mill, and Olin Brass, who produces ammunition for Winchester.  Property is a brick U-Shaped building(on a slab) on a large corner lot.  Six parking spaces are located behind the building.  Each apartment is 1 bed/1 bath with approximately 500 sf.  We have never had a problem renting this units out.  Each unit has new laminate flooring, fresh paint, new plumbing fixtures/drain pipes.  Three of the four units have refrigerators less than 1 year old.  Unit four has a brand new stove.  All units have new vanities in the bathrooms.  All units have baseboard/wall heaters and Wall AC units making the cap ex fairly low.  Roof is approximately 12 years old, and all windows are Thermal windows that are approximately 7 years old.  Owner pays water/sewer/trash, and the power bill for the laundry/utility room.  Property is fully occupied and all tenants are up to date on rent. Units 1 and 4 both are under market rent of $500, so an additional $75.00 of income is available once the leases expire.  

Numbers:

Rent: 

Unit 1: $450  Unit 2: $525  Unit 3: $500  Unit 4: 475. Coin operated laundry = Roughly $100/month

Gross Income: $2,050.00

Expenses:

Water/Sewer Trash: $60.00 (roughly $120 every other month)

Power bill in laundry room: $25.00 (average)

Taxes: $300.00 ($3600 per year)

Insurance: $76.00 per month currently

18% for vacancy, repairs, cap ex: $369.00

8% property management: $164.00

NOI: $1056.00

Estimated Mortgage payment: $588.00

Cash Flow: $468.00

Please feel free to let me know if you are interested or have any questions.  I am happy to send some interior pics if you are interested.  This property is turn key, nothing is needed(at the moment of course).  I am trying to sell this off market without a realtor. I am showing the apartments twice on Saturday this week. 

Thanks!

DJ