740-742 North St.

$89,900.

sold

This is a true side by side double house. It has a separate driveway and yard for each side of the house.It offers the privacy of 2 single family houses with the returns of a multi- family.

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Apartment 1. 740 North St. Right side of house. 4 to 5 bedrooms 1 bathroom. Current status: Rented. Tenant is a single working, store manager, excellent paying, very nice, month to month and her children. She pays $800. Landlords current rate for this unit is $1100.

The unit has 4 bedrooms up and a second  living room that is also being used as a bedroom. The kitchen and bath were recently redone. All the carpets were replaced 2 year ago. It also has a dining room and full basement for storage and laundry. This is a huge unit.

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Apartment 2 742 North St. Left side of house 4 to 5 bedrooms 1.5 bathrooms. Current Status: Rented. Tenant is single, retired from the school district, very nice and always on time month to month. She pays $850 landlords current rate for this unit is $1100

The unit was all updated recently. It has 3 bedrooms up, 1.5 bathrooms, a dining room and a 4th bedroom on the first floor. This is another huge unit with full basement and laundry.

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The entire house has vinyl replacement windows and many new roof surfaces. This house is part of a 12 unit package

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Financial

Price: 89,900

Units: 2

Price per unit: 44,950.

monthly rent: $2,200.00**

annual rent: $26,400.00

Annual expenses: 3,918.

Net annual income:$22,481.09

CAP rate: 25.01%

Gross rent multiplier: 3.41

** Rent amounts  may not include discounts for long term tenants. Rents do not reflect section 8 amounts which are higher. See spreadsheets for more info.

 Section 8 subsidy

spread sheet

Taxes: 2,945.

Insurance: 606.

Water: 367.

Square feet:3496

Lot size: 101.9 x 75.68

Acreage: .16

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Heat: 3 Gas forced air

Electrical: 2 100 amp circuit breaker

Bedrooms: 8-9

Bathrooms:3