9 Evansville rentals in one package at $81,667 a door. The package is about $370K (33%) under the roughly $1.1M combined ARV, and $37,700 under what the nine would cost bought one at a time. A property management company is already in place and ready to manage all nine for the next owner.
Seven homes are leased today at $5,199/mo. Bring rents to market and lease the two vacant homes, and pro forma rent is $9,156/mo with $70,185/yr in pro forma NOI. Deaconess and Ascension St. Vincent keep rental demand steady across the city.
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Location: Evansville, IN (ZIPs 47711, 47713, 47714)
9 single-family rentals sold as one package
Combined ARV: approx $1.1M
Estimated Rehab: Buyer to verify
Potential Gross Profit: ~$365K before rehab
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EVANSVILLE, IN 9-HOME PACKAGE
Nine single-family rentals | Sold together as one package
3504 Frisse Ave, Evansville, IN 47714
1104 N Morton Ave, Evansville, IN 47711
1106 N Morton Ave, Evansville, IN 47711
1905 S Fares Ave, Evansville, IN 47714
1713 S Morton Ave, Evansville, IN 47713
1507 S Morton Ave, Evansville, IN 47713
1304 E Sycamore St, Evansville, IN 47714
713 E Maryland St, Evansville, IN 47711
405 Enlow Ave, Evansville, IN 47711
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PROPERTY
9 SFRs | 21 bed / 11 bath | 8,263 SqFt combined
Bed mix: seven 2 bed, one 3 bed, one 4 bed
Built 1914 to 1944
7 of 9 leased, 2 vacant and ready for your own tenants
Property management company in place
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THE NUMBERS
In-place rent: $5,199/mo (7 of 9 leased)
Pro forma rent: $9,156/mo
Upside: $3,957/mo, approx $47,500/yr gross ($2,295/mo from the 2 vacant homes)
Actual NOI: $29,824/yr, approx 4.1% cap
Pro forma NOI: $70,185/yr, approx 9.5% cap (after 5% vacancy)
Stabilized income value: $780K to $877K
Pro forma GRM: 6.7
Price per SqFt: approx $89
Expenses: Tenants pay all utilities on every home. Owner expenses include taxes, insurance, and 10% management. No CapEx reserve included.
In-place rents are contract rents, collections not verified. Buyer to verify rent, NOI, and expenses.
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INVESTOR HIGHLIGHTS
- Package priced ~33% under combined ARV and $37,700 under the sum of individual asking prices
- 9 homes in one city: one manager, one insurance relationship, one market
- Property management already in place and ready to keep all 9
- Lease the 2 vacant homes and push renewals to market for ~$47,500/yr in rent upside
- Rental demand anchored by Deaconess and Ascension St. Vincent
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TERMS
Cash, hard money, private money, or DSCR
PACKAGE ONLY: All 9 homes sold together
FAST CLOSE: Funding must be ready to close quickly
