$270,000

7 bed, 3 bath ·  2279 st ·  BUILT 1910 


Unit 1


Unit 2


Unit 3

REFERRAL PROGRAM

Refer someone to Turnkey Iowa. If this leads to a sale, you receive $500 for the first property. Any subsequent properties, you receive $250.

SOLD

This is a 3-unit property.  The first unit is located on the first floor of the main house.  It contains 4 bedrooms and 1 bathroom with 1205 sq/ft.

The second unit is located on the second floor of the main house.  It contains 2 bedrooms and 1 bathroom with 774 sq/ft.

The 3rd unit is a separate building, located behind the main house.  It contains 1 bedroom and 1 bathroom with 300 sq/ft.

The renovation for this property began in late 2019 and was completed in the Spring of 2020.  Significant improvements and updates have been made, particularly to the main house.  The list below outlines the most significant updates. If interested, please contact us for a full list of items.

  • Electrical service for all 3 units

  • Vinyl siding on units 1 & 2

  • Structural support added in basement, of unit 1 to support unit 2

  • New water supply and sewer line between street and home

  • Roof for units 1 & 2

  • Cement driveway for units 1 & 2. New rock for unit 3

  • Hot water heaters for units 1 & 2

  • AC for unit 1

  • Heat and AC for unit 2 

  • New flooring for all units

Essentially, all of the deferred maintenance has been eliminated at this property. All major systems have been replaced/added and extensive cosmetic work has been done to the interior. If you’re looking for a cash producing property, look no further!


MARKEt RENT

$2,575

Cap Rate

7.9%

neighborhood

2 Star


CASH PURCHASE

annual profit

$28,196

ANNUAL Rate of return

10.4%


FINANCED PURCHASE

ANNUAL profit

$21,275

ANNUAL Rate of return

38.1%