735 West William Street, Decatur, IL

18.89% return

SP: $149,900

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Property Description

6 RENTAL UNITS FOR UNDER $150K!!! Six 1-bedroom/1-bath apartments with separate electric meters, city water and sewer! Desirable location across from Central Christian Church, just minutes from downtown Decatur. PROJECTED $3,900/MONTH IN GROSS RENTAL INCOME! With an estimated $30K rehab budget, this property offers significant value-add potential and an impressive 18.9% PROJECTED NET YIELD ON COST! Income potential, equity upside, and an affordable entry price. DON'T MISS THIS OPPORTUNITY!

Property Information

Listing statusActive
Property typeMulti Family
Total units6
Total bedrooms6
Total bathrooms6
Building size4,000 sq. ft.
Lot size0.2 acres
Year built1953

CountyMacon County
SubdivisionShepherds 2nd Add
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingWindow Unit
CoolingWindow Unit

Property Financial Summary

Sale price$149,900
Estimated rehab¹$30,000
Total investment$179,900

TypeProforma
After repair value$249,900
Potential profit$70,000

Gross income (annually)$46,800
Operating expenses (annually)$12,811
Net income (annually)$33,989
Gross return26.01%

Gross income (monthly)$3,900
Operating expenses (monthly)$1,068
Net income (monthly)$2,832
Net return18.89%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 1 bed / 1 bath$650/month$7,800/year
Unit 2: 1 bed / 1 bath$650/month$7,800/year
Unit 3: 1 bed / 1 bath$650/month$7,800/year
Unit 4: 1 bed / 1 bath$650/month$7,800/year
Unit 5: 1 bed / 1 bath$650/month$7,800/year
Unit 6: 1 bed / 1 bath$650/month$7,800/year
Total$3,900/month$46,800/year

Expenses

Property Taxes$273/month$3,272/year
Insurance (estimated)$208/month$2,500/year
Lawn care$60/month$720/year
Water and Sewer$120/month$1,440/year
Waste Collection$127/month$1,519/year
Electric bill$30/month$360/year
Maintenance reserve$250/month$3,000/year
Total$1,068/month$12,811/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.