The tenant here pays $654 a month against a $923 market average, so $269 a month resets at renewal or turnover. Price is $75,700 against a $110,000 as-is value, backed by three verified sales from $106,500 to $115,000, two of them inside a tenth of a mile. Evansville single-family rentals lease in a median of 18 days.
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Location: Evansville, IN (Jacobsville)
As-Is Value: $110,000
Potential Gross Profit: ~$30,300 before rehab
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PROPERTY
2 bed / 1 bath / 851 SqFt
Lot: 3,456 SqFt | Built 1914 | 1 unit
Wood frame, pitched asphalt shingle roof
Occupied, tenant in place
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THE NUMBERS
In-place rent: $654/mo
Market rent: approx $923/mo (area average)
Upside: $269/mo, or $3,228/yr gross
Pro forma NOI: $7,543/yr, approx 9.5% cap
Price per SqFt: approx $94
Taxes: $1,272/yr | Insurance: $600/yr
Expenses: Tenant pays water, sewer, trash, electric, and gas
Figures are pro forma. Buyer to verify rent, NOI, and expenses.
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INVESTOR HIGHLIGHTS
- ~$30,300 below $110,000 as-is value
- Three verified sales from $106,500 to $115,000, two within 0.1 mi
- In-place rent ~29% under market, resets at renewal or turnover
- All utilities tenant-paid, owner carries only taxes and insurance
- Near Deaconess Midtown Hospital, Garvin Park, and the Hwy 41 corridor
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TERMS
Cash, hard money, private money, or DSCR
FAST CLOSE: Funding must be ready to close quickly
