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223 S Monroe St

 Hartford City, IN 47348
Active
Status
$109,995
Listing Price
3
Beds
3
Baths
0
Partial Baths
2,120 Sq. Ft.
$51/Sq. Ft.
 

OVERVIEW

WHAT AN INVESTMENT OPPORTUNITY!!! This triplex offers so much and is priced to sell. This recently renovated triplex offers $2100 projected monthly income potential...Unit 1 (LL) has a very large bedroom and an additional entrance off the kitchen. Unit 2 is a very spacious 2 bedroom unit which boasts original hardwood flooring throughout., Unit 3 is perfectly sized efficiency apartment with original woodwork and hardwood flooring. There is a 1.5 car detached garage that is another potential rental income. The rooof is approx. 6 years old, most of the home was replumbed approx. 5 yrs ago. New as of the summer of 2013 exterior vinyl siding, new retaining wall, partial new sidewalk, some new light fixtures. This year there is new windows replaced, new hot water heater, new fascia, new window wraps and door wraps, new vinyl slate siding accents and much more! Projected CAP rate at 11% if buyer puts a commercial mortgage on the property. That CAP rate projection includes paying a property manager, CAP EX, maintenance etc.

This is a NO-BRAINER... where will you find a triplex in good condition for under $150,000?
ORIGINAL WOODWORK
HARDWOOD FLOORING
NEW LIGHT FIXTURES



What the seller loves about this home

We originally purchased this to renovate and hold long term due to the low cost, high cash-flow triplex in this region but we have decided to roll the equity in this unit into an event center as the cost of renovation was higher than budgeted. That said, this unit is perfect for an investor looking for good cash flow. Here are some details:


3 Units:
Unit 1: Very Large 2 bedroom 1 bath apt with a 2nd private entrance from the back-yard
Unit 2: 2 bedroom unit, 1 bath with hardwood floors in good shape
Unit 3: Efficiency Apt with original hardwood trim and floors
Unit 3 is rented currently but the tenant wants to move into a larger unit. We are holding off so the buyer can make that determination.

Condition & Updates:
Roof: 6 year old dimensional shingle
Siding: 9 year old vinyl / Added Vinyl Shake at gables for aesthetic (new)
Windows: All new Low E, Argon Windows
Fascia & Window / Door Wraps: All new
New Retaining wall on front corner of lot
New plumbing throughout less than 5 years ago
New sub-panel in upstairs unit
New hot water heaters for all units
New Furnace

Features:
Exterior has been prepared to be nearly maintenance free with the roof, siding, fascia, window wraps, windows etc all less than 10 years old.
Detached 1.5 car garage
Fenced in private backyard
Corner Lot
Covered front porch

Sale Price: $110,000 - Seller will cover closing costs

I have a proforma available to share, just request it. This is how we expect the unit to perform. I believe it is close. It will perform well... extremely well if it's a cash buyer. If financed, the units will perform even better after a refi a few years down the road. Let me know if you have any questions. If we list with a Real Estate Agent we will list for $119,500 & feel very confident that we will get that for a triplex in decent shape.
Days on Fizber:
109 Days
Source: Fizber.com
 

PROPERTY DETAILS:

PROPERTY BASIC INFORMATION:

Property Information:
  • Year Built:
    1900
  • Property Type:
    Single Family
  • Bedrooms:
    3
  • Full Bathrooms:
    3
  • Partial Bathrooms:
    0
  • Living Square Footage:
    2120
  • Lot Square Footage:
    7405
   
 

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