$100k price reduction! SVN | The Martin Group is proud to present this portfolio of 18 scattered site single family rental homes in Evansville, IN. Owned by Echo Housing Corporation, a 501(c)3 non-profit organization, these properties were redevelopment projects funded with grants and/or tax credits. The associated tenant income restricted compliance period has passed and the properties are available to any tenant at market rate and terms. The portfolio carries a cost basis well in excess of the asking price, and as a package is nearly 20% under the sum of their BPO individual values. The owner is offering for sale to free up capital to fund future redevelopment projects.

All properties are well maintained, with some built as recently as 1990. The package includes a mix of 2, 3 and 4 bedroom houses. All are zoned R-2.

6/1/2017 rent roll shows 14 units leased, 1 move in set for July 1st, 1 application pending, and 1 unit being used to house visiting staff participating the Americorp Vista program. Leases are typically 1 year and then renew on MTM basis. Two of the current tenants receiving Section 8. Properties are exempt from property taxes under current ownership.

Financials results for 2016:

Rents - $106,796.15

Taxes - $0

Insurance - $16,283.00

R&M - $9,738.57

Location Description:

Located in the 47710, 47713, and 47714 zip codes.

Highlights:

>> Well maintained properties

>> Turn key rentals

>> Big upside to income by increasing rents to market

>> Bargain pricing

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