Awesome duplex, each unit has 2 beds and 1 bath. Positive cash flow. Condition: New exterior HVAC units in past 2 years. Interior units, one is about 5 years old, the other is original. Roof replaced in last 5 years. Interior of the units are in good condition. New Paint and Carpet for upper unit in 2020. Income: Tenant in Lower unit has been in place since 2002. Tenant in upper unit, was new in 2020. Current rent is about $980/mo. for the upper unit, and $940/mo. for the lower unit. Seller Has sent out rate increase notices of 5% to the tenant and Section 8 for the upper unit. Requesting a rent increase: $40 for 19A for a possible new rent of $1020. Leases are up as of 1/31/2022 for lower unit and 8/31//21 for upper unit. Lower lease is month to month with 60 days’ notice, Upper lease is new as of Sept of 2020. So is annual, for the first year, then can be changed to month to month on lease renewal date. Section 8 pays approx. $605.00 for the lower unit, and $980.00 for the upper unit. Any balance . not paid by Section 8 is paid by the tenants. Expenses: Landlord pays for Trash: about $1.00 per day for each unit. – Republic Services Landlord pays for Water about $100 (total) per month. Landlord pays for sewer. See tax records. HOA fee is $150/year, pays for snow removal and parking lot repair. Landlord Pays $20 every 10 days for lawn mowing, in an avgerage year about 20 times per year. Insurance about $683/year Advantages: There are fewer properties on Clinton then on the surrounding streets. It is quieter than the other streets, making it more likely to rent. When the listing is posted for rentals, the calls are overwhelming. As it is one of the few rentals that are not in the city of Wilmington at this price point. To see the property: Please have the buyer do a “drive by”. Review the info on this sheet. Provide a recent pre-approval with a large down Payment 20% or more/ or proof of cash. We will need minimum of 24 hours to set up the appointments to see the interiors. Desired in the offer: $5000 Ernest Deposit Cash or Conventional loan with large down payment. A relatively quick settlement.
Courtesy of: RE/MAX 1st Choice - Middletown Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 25th June, 2021 10:38 AM