511 South Rawlings Street, Carbondale, IL

15.25% return

SP: $284,900

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Property Description

AWESOME RENTALS!!!

10 units. Each unit is 1bed/1bath. High quality construction. Each unit will rent for $550 each. Separate electric meters and water meters. City water and sewer. Electric baseboards and Wall A/C - LOW MAINTENANCE!!! Property will generate a 15%+ NET RETURN ON INVESTMENT!!! EASY $50K VALUE ADD!!!!

Property management and financing is avaialble.

Property Information

Listing statusActive
Property typeMulti Family
Total units10
Total bedrooms10
Total bathrooms10
Building size5,976 sq. ft.
Lot size0.3 acres
Year built1963

CountyJackson County
SubdivisionJ A LOGANS
ConstructionBrick/Frame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingBaseboards
CoolingWall A/C

Property Financial Summary

Sale price$284,900
Estimated rehab¹$15,000
Total investment$299,900

TypeProforma
After repair value$349,900
Potential profit$50,000

Gross income (annually)$66,000
Operating expenses (annually)$20,276
Net income (annually)$45,724
Gross return22.01%

Gross income (monthly)$5,500
Operating expenses (monthly)$1,690
Net income (monthly)$3,810
Net return15.25%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit 1: 1 bed / 1 bath$550/month$6,600/year
Unit 2: 1 bed / 1 bath$550/month$6,600/year
Unit 3: 1 bed / 1 bath$550/month$6,600/year
Unit 4: 1 bed / 1 bath$550/month$6,600/year
Unit 5: 1 bed / 1 bath$550/month$6,600/year
Unit 6: 1 bed / 1 bath$550/month$6,600/year
Building 2
Unit 7: 1 bed / 1 bath$550/month$6,600/year
Unit 8: 1 bed / 1 bath$550/month$6,600/year
Unit 9: 1 bed / 1 bath$550/month$6,600/year
Unit 10: 1 bed / 1 bath$550/month$6,600/year
Total$5,500/month$66,000/year

Expenses

Property Taxes$1,021/month$12,256/year
Insurance (estimated)$208/month$2,500/year
Lawn care$60/month$720/year
Maintenance reserve$250/month$3,000/year
Waste Collection$150/month$1,800/year
Total$1,690/month$20,276/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.