All Forum Posts by: Jason Richardson

Update - We sold the Bryan St property on the above deal. Posted new ad for the remaining property with updated numbers. Thanks!

5** N Brookfield St, South Bend, IN 46628

Potential Monthly Cashflow - $700

Estimated Rehab Cost - $10,805

Yearly Income - $7,700 (calculated 11 month tenancy)

Yearly Taxes - $702.08

Yearly Insurance - $600

Yearly Management/Maintenance - $1,540

Yearly NOI - $4,857.92

Purchase Price - $15,000

Total Investment Cost w/Rehab - $25,805

Cash On Cash Return (Includes Rehab) - 18.8%

The last two digits of the address has been removed so that the tenants can continue to enjoy the right for peaceful and safe living. If you are serious about this package, and can prove that you are a legitimate buyer, then the rest will be given to you during your due diligence period. Serious inquiries only. Email for more information.

We have a great package here of two properties, both in South Bend, one currently performing and one that could be performing fairly quickly. Both are in decent rental neighborhoods, and both are in fair condition. The Bryan St property has a market-rate tenant who wishes to remain a long-term tenant. The Brookfield property needs a little TLC to be rent ready, but nothing major or very time consuming. Both properties are being sold as a total package, and cannot be sold individually. Professional management in place, making this a great investment for an out of area investor or a good pick-up for a local landlord. Purchase price for the package is $35,000.

11** W Bryan St - Monthly Rent $650. One-Year Market Rate Tenant

5** N Brookfield St - Potential Monthly Rent $700. Estimated Rehab Cost $9,000

Total Monthly Income - $1,350

Yearly Income - $16,200

Yearly Taxes - $1,511.56

Yearly Insurance - $1,200

Yearly Management/Maintenance - $3,240

Yearly NOI - $10,248.44

Cash On Cash Return (Includes Rehab) - 23.2%

The last two digits of the addresses have been removed so that the tenants can continue to enjoy the right for peaceful and safe living. If you are serious about this package, and can prove that you are a legitimate buyer, then the rest will be given to you during your due diligence period. Serious inquiries only. Email for more information.

Deal update:

The Liberty street property is no longer available. 

12** East Dayton Street is available, but tenant is moving to another area most likely at the end of next week. 

We are asking $25,000 for this property.

Numbers on this property are as follows, using the existing rent amount:

Total Monthly Income - $560

Yearly income - $6,720

Yearly taxes - $872.36

Yearly insurance - $600

Yearly management/maintenance - $1,022

Yearly NOI - $3,665.64

Cash on Cash Return – 14.7%

Please contact us if you are interested!

This is a package of two off market rental properties, both located in South Bend, IN. Both have had full rehabs within the past 3-5 years, and both have established tenants in place. One is a long term market rate tenant, and the other is Section 8 with guaranteed income. Professional management in place making this a great investment for an out of area investor, or a good pick up for a local landlord. Purchase price for the package is $40,000.

12** East Dayton Street – Monthly rent $560. Long term market rate tenant

8** South Liberty Street – Monthly rent $445. Section 8 tenant, guaranteed rent

Total Monthly Income - $1,005

Yearly income - $12,060

Yearly taxes - $1,432

Yearly insurance - $1,200

Yearly management/maintenance - $2,400

Yearly NOI - $7,028

Cash on Cash Return – 17.57%

The last two digits of the addresses have been removed so that the tenants can continue to enjoy the right for peaceful and safe living. If you are serious about this package and can prove that you are a legitimate buyer, then the rest will be given to you during your due diligence period. Serious inquiries only. Email for more information.

SOLD!! Closed 3/6/15.

Great little house available OFF MARKET in a primarily owner occupant neighborhood. Tenants in the house have lived there 7 years and would love to stay indefinitely. Current rent is $500/month. They were paying $650 up until about a year ago, and current owner drop the payment down to help the tenants out. No discussion has been had to raise it back up, but it is a possibility. Some pretty minor deferred maintenance items are going to need to be done that have been neglected previously, but getting those things done for the tenants will assure their happiness in what they have made to be their home. Cash or hard money buyers only, and at this bargain price a quick closing is necessary. Other homes on this street currently listed between $60,000 and $80,000.

Asking Price:   $26,000

Address:  127 Donmoyer Ave, South Bend, IN 46614

Dropbox Photos Link: 

Property Photos

Google Maps Link:

https://goo.gl/maps/QebxO

Call or reply to this ad if interested.  574-651-5343

Property has SOLD as of 2/20/15!! Thanks everyone for viewing this post.

This is a package of five homes all located in South Bend, IN. All have long term tenants with great cash flow. All homes have had a total remodel within the past 5 years that includes new mechanicals. Purchase Price for the package is $95,000.

14** Johnson Street - Section 8 pays $470/month. One year tenant with no intent to move
2** O'Brien - $350/month. Four year tenant
19** Scott - $125/week which equals $542/month. Three year tenant
8** Lawndale - $600/month. Three year tenant
17** Douglas - $700/month. Three year tenant that has an option to buy next March. They pay an option fee of $1,500 once a year. The next one is due next month, and whoever owns the house the day they pay keeps that fee. Next March they will pay their last option fee of $1,500 and then the lease will convert into a note that you would hold for them of $63,000 at 9.99% amortized over 15 years. The total payout over the term of that note is roughly $121,000, not to mention all the cash flow in the meantime.

Total monthly income including option fee - $2,787
Yearly income - $33,444
Yearly insurance ($350/month/house) - $1750
Management/Maintenance (20%) - $6688
Yearly Taxes - $2866.10
Yearly Cash Flow - $22,139.90
ROI - 23.3%

This does not take into account any of the approximately $59,000 of interest you will be getting back once Douglas converts into a note.

The last two digits of the addresses have been removed so that the tenants can continue to enjoy the right for peaceful and safe living. If you are serious about this package and can prove that you are a legitimate buyer, then the rest will be given to you during your due diligence period. Serious inquiries only. Email for more information. 

Price Reduction - New Price $185,000