Hi Guys, here is a super hot deal, off market rental property. Asking price is $150k ( cash offer only ). This 6 Unit Apartment Building is located in Ypsilanti, Michigan, near Eastern Michigan University. There are two 1 BR units and four studios, with only one vacancy. This building is 4464 sq. ft. and was built around 1880.
Current rents are $2,085 but there haven't been rent increases in far too long. Rents should total $3,080 or higher. The current tenants are not students, but student rentals would generate much more income on this property.
New roof about 15 yrs. ago and the boiler was updated in the mid 1990s.
INCOME per unit : actual/market
Unit # 1 studio $465/$475
Unit # 2 1 bdrm $490/$590
Unit # 3 studio $250/$475
Unit # 4 1 bdrm $490/$590
Unit # 5 studio $390/$475
Unit # 6 studio vacant $475
Monthly Income: $2,085/$3,080
Annual Income: $25,020/$36,960
Additional potential income: There is a basement in this building. An extra income stream would be to put a coin operated washer and dryer in the basement. This would create added income to this property and provide a laundry facility for the tenants.
EXPENSES:
Monthly/Annual :
Utilities $365/$4,381
Property Taxes $563/$6,752
Insurance $276/$3,316
Totals: $1,204/$14,449
Call or email me if interested. 734-707-4051
