963 East Harrison Avenue, Decatur, IL

18.02% return

SP: $595,000

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Property Description

RENTAL PORTFOLIO!!

22 single family homes. City water & sewer. Tenants pay all utilities. Only $27k per house!!.Portfolio has amazing upside. Low expenses. The city is home to production centers for Catepillar, Archer Daniels Midland, Mueller Co., and Tate & Lyle. Ranked 3rd in the nation as an emerging logistics and distribution center. Properties have the potential to generate $17,900/month and 18%+ NET RETURN after rehab!!! OVER $350K+ IN INSTANT EQUITY AFTER IMPROVEMENTS!!

Property management and financing is available!

Property Information

Listing statusSold
Property typeSingle Family (22 properties)
Total units22
Total bedrooms62
Total bathrooms28
Building size17968 sq. ft.
Lot size3.2 acres
Year built1885 - 1955

CountyMacon County
Subdivision
ConstructionFrame, Brick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingGas
CoolingWindow A/C

Property Financial Summary

Sale price$595,000
Estimated rehab¹$150,000
Total investment$745,000

TypeProforma
After repair value$1,100,000
Potential profit$355,000

Gross income (annually)$211,200
Operating expenses (annually)$76,962
Net income (annually)$134,238
Gross return28.35%

Gross income (monthly)$17,600
Operating expenses (monthly)$6,413
Net income (monthly)$11,187
Net return18.02%

Property Income & ExpensesMonthlyAnnual

Income

1055 North Dunham Avenue
5 bed / 2 bath$1,000/month$12,000/year
1141 South Maffit Street
2 bed / 1 bath$700/month$8,400/year
1269 East Willard Avenue
2 bed / 1 bath$700/month$8,400/year
1344 North Union Street
5 bed / 2 bath$1,000/month$12,000/year
1348 North 18th Street
2 bed / 1 bath$700/month$8,400/year
1351 West Forest Avenue
3 bed / 1.5 bath$850/month$10,200/year
1605 North Monroe Street
3 bed / 1 bath$800/month$9,600/year
2115 North Monroe Street
1 bed / 1 bath$550/month$6,600/year
2239 North Monroe Street
1 bed / 1.5 bath$600/month$7,200/year
2285 North Monroe Street
2 bed / 1 bath$700/month$8,400/year
2433 East Eldorado Street
2 bed / 1 bath$700/month$8,400/year
4101 East Marietta Street
2 bed / 1 bath$700/month$8,400/year
560 West North Street
6 bed / 2 bath$1,350/month$16,200/year
604 West Harrison Avenue
2 bed / 1 bath$700/month$8,400/year
612 West Harrison Avenue
3 bed / 1 bath$800/month$9,600/year
615 South Webster Street
3 bed / 1 bath$800/month$9,600/year
630 West Hay Street
3 bed / 2 bath$900/month$10,800/year
635 South Oakland Avenue
3 bed / 1 bath$800/month$9,600/year
747 Harper Avenue
3 bed / 2 bath$850/month$10,200/year
925 East Main Street
3 bed / 1 bath$800/month$9,600/year
963 East Harrison Avenue
3 bed / 1 bath$800/month$9,600/year
993 East N Street
3 bed / 1 bath$800/month$9,600/year
Total$17,600/month$211,200/year

Expenses

Property Taxes$1,102/month$13,222/year
Maintenance reserve$1,917/month$23,000/year
Property Management$1,670/month$20,040/year
Insurance (estimated)$1,725/month$20,700/year
Total$6,413/month$76,962/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.