613 South 16th Street, Mount Vernon, IL
17.00% return
SP:
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Property Description

Value Add Quad!!! 

Solid brick construction. 2 x 2bed/1bath and 2 x 1bed/1bath. INSANE RENTAL COMPS!!! Needs TLC. Beautiful area. Tons of potential and upside. Will generate a 17%+ NET RETURN ON INVESTMENT!! $80,000 INSTANT EQUITY!!! 

Professional management and financing is available. 

Property Information

  • Listing statusPending
  • Property typeMulti Family
  • Total units4
  • Total bedrooms6
  • Total bathrooms4
  • Building size2897 sq. ft.
  • Lot size0.2 acres
  • Year built1940
  • CountyJefferson County
  • SubdivisionWINNS HILD
  • ConstructionBrick
  • RoofAsphalt Shingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingGas Furnace
  • CoolingWindow A/C

Property Financial Summary

  • Sale price$129,900
  • Estimated rehab1$40,000
  • Total investment$169,900
  • TypeProforma
  • After repair value$249,900
  • Potential profit$80,000
  • Gross income (annually)$40,800
  • Operating expenses (annually)$11,913
  • Net income (annually)$28,887
  • Gross return24.01%
  • Gross income (monthly)$3,400
  • Operating expenses (monthly)$993
  • Net income (monthly)$2,407
  • Net return17.00%

Property Income & Expenses

  • Income
  • Unit 1: 2 bed / 1 bath$900/month$10,800/year
  • Unit 2: 1 bed / 1 bath$800/month$9,600/year
  • Unit 3: 1 bed / 1 bath$800/month$9,600/year
  • Unit 4: 2 bed / 1 bath$900/month$10,800/year
  • Total$3,400/month$40,800/year
  • Expenses
  • Property Taxes$181/month$2,167/year
  • Insurance$102/month$1,226/year
  • Water and Sewer$250/month$3,000/year
  • Lawn care$60/month$720/year
  • Maintenance reserve$250/month$3,000/year
  • Electric and Gas$150/month$1,800/year
  • Total$993/month$11,913/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.

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