$570,000
389 N Main St, Martinsville, IN 46151
Current Rent **
N/A
Projected Rent **
$7,087
๐ฅ (๐ ๐ฎ๐ฟ๐๐ถ๐ป๐๐๐ถ๐น๐น๐ฒ, ๐๐ก) ๐ณ-๐จ๐ป๐ถ๐ ๐๐ฒ๐บ ๐ณ๐ผ๐ฟ ๐ฆ๐ฎ๐น๐ฒ | ๐ฆ๐ฒ๐ฝ๐ฎ๐ฟ๐ฎ๐๐ฒ๐น๐ ๐ ๐ฒ๐๐ฒ๐ฟ๐ฒ๐ฑ | $๐ญ๐ ๐๐ฅ๐ฉ | $๐ณ๐+ ๐ฅ๐ฒ๐ป๐ ๐ฃ๐ผ๐๐ฒ๐ป๐๐ถ๐ฎ๐น ๐ฅ
ARV: $1,002,063
Estimated Rehab: ~$150K
Potential Rent: $7,087/month
DETAILS
Unit Mix:
Four 2BR/1 Bath Unit
Three 1BR/1 Bath Unit
Occupancy: 100% Vacant
Taxes: $1,143
Insurance: $1,000
Building Square Footage: 7,449 Sq Ft
Utilities: Tenants pay for all utilities.
Lot Size: 9,372 Sq Ft
Year Built: 1900
Rehab Needed:
$24,000 Drywall
$4500 Insulation
$4500 Brick repair/ siding and paint
$2500 gutter finish
$25k electric remaining (total remaining 8k) (finishing now)
commercial water heater
$60-75k to buy from lowes materials all interior items for kitchen, bathrooms, lighting, plumbing, flooring, hardware, appliances, trim, doors and hardware
$30k for final interior finish was the quote I got not including materials above.
Mini splits for a/c labor 1k each and 753.00 for material
Contact us for list of rehab items completed
Rehab Already Completed: (~$200K)
$14000 roof and decking
Demo and haul away $30000
$4080 Asbestos
$9000 Waterproofing basement
$8000 building permits
$22k windows
$13k jeremy (interior contractor)
$1750k facia boards
$5000 materials for fascia board, and soffits
$44k outside water hook up
$5500 water hook up fee
$27k new plumbing
$16800 new main drain
Notes:
This property is 2 miles from the new I-69 Interstate that bridges Indianapolis and Indiana University in Bloomington. This puts IU Bloomington only 15 minutes away where thousands of kids, grad students and so on attend
Units: 7
Current Rents: Vacant
Market Rents: $929-$1,075/Unit
Management: Currently self-managed, but excellent local property management company ready to step in and manage this one for the next owner.
Pro Forma CAP Rate: 12.31% (5% Vacancy, Taxes, Insurance, and 10% Prop Management included in Pro Forma Cap and Actuals)
Location:
389 N Main St, Martinsville, IN 46151
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** Current rent and projected rent are provided by the lister.
† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.
‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.
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