1950 North Illinois Avenue, Carbondale, IL

15.88% return

SP: $275,000

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Property Description

AWESOME INVESTMENT!!!

9 units. Low maintenance. Electric baseboards and wall a/c units. Tenants pay electric and gas. City water and sewer. Good occupancy. Property will generate a 15%+ NET RETURN ON INVESTMENT!!! $85K+ IN VALUE ADD!!! Located in a great part of town.

Property management and financing is available!!!

Property Information

Listing statusActive
Property typeMulti Family
Total units9
Total bedrooms11
Total bathrooms9
Building size5,006 sq. ft.
Lot size1.8 acres
Year built1950

CountyJackson County
SubdivisionCRAWSHAW & STEPHENS
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingBaseboards
CoolingWindow A/C

Property Financial Summary

Sale price$275,000
Estimated rehab¹$15,000
Total investment$290,000

TypeProforma
After repair value$375,000
Potential profit$85,000

Gross income (annually)$67,200
Operating expenses (annually)$21,140
Net income (annually)$46,060
Gross return23.17%

Gross income (monthly)$5,600
Operating expenses (monthly)$1,762
Net income (monthly)$3,838
Net return15.88%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 1 bed / 1 bath$600/month$7,200/year
Unit 3: 1 bed / 1 bath$600/month$7,200/year
Unit 4: 1 bed / 1 bath$600/month$7,200/year
Unit 5: 1 bed / 1 bath$600/month$7,200/year
Unit 6: 1 bed / 1 bath$600/month$7,200/year
Unit 7: 1 bed / 1 bath$600/month$7,200/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Unit 4a: 1 bed / 1 bath$600/month$7,200/year
Total$5,600/month$67,200/year

Expenses

Water and Sewer$190/month$2,280/year
Waste Collection$150/month$1,800/year
Property Taxes$830/month$9,960/year
Insurance (estimated)$292/month$3,500/year
Maintenance reserve$300/month$3,600/year
Total$1,762/month$21,140/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.