Fully rented six family with all separate utilities. Property consists of 3 BR house, four 1 BR apartments and one studio apartment. Main 3 BR house is heated w/oil and all apartments heated with gas (mix of gas on gas stoves and wall units). Roof, vinyl siding, and vinyl windows all within the last ten years. All rents are below market with varying lengths of tenancies (many long-term tenants). There is potential for an additional $5,000 of annual income if rents are brought up to market rates. Seller willing to hold second mortgage to help with the purchase (Buyer to pay all closing costs). Driveway is shared with adjacent properties and dumpster is shared with adjacent property.

Commercial Pre-Approval Required Prior to Showing

One Tenant actively being evicted with unit to be relet

Home Inspection for Buyer's Info only - No further price reduction

Annual Income

Rent $47,400.00

Less: Vacancy Credit $2,385.00 5% of Annual Rents

Effective Annual Rent $45,015.00

Annual Expenses

Property Taxes $5,576.00

Waste Removal $840.00 Dumpster shared w/neighbor

Water/Sewer $1,600.00 Past 3 Years' Average

Insurance $2,800.00 Market Rate Estimate

Maintenance $2,000.00 Estimated

Common Area Electricity $300.00

Total Expenses $13,116.00

Net Operating Income $31,899.00

Year One Cash Flow $15,548.00

Debt Coverage Ratio 1.95