B CLASS APARTMENTS!!!

804 West 7th Street, Davenport, IA

11.91% return

SP: $239,900

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Property Description

FULLY RENOVATED AND TURNKEY!!!

Awesome 5 unit property. On a hill, overlooking the river. Every unit has new flooring, kitchen, bathrooms. Brand new sewer line was recently put in. No repairs or maintenance needed. Will easily generate a 12% NET RETURN ON INVESTMENT!!! Properties are part of Iowa Urban Revitalization Exemption for the next 10 years, which means low taxes!!!!

Financing and property management is available.

Property Information

Listing statusActive
Property typeMulti Family
Total units5
Total bedrooms5
Total bathrooms5
Building size3568 sq. ft.
Lot size0.4 acres
Year built1856

CountyScott County
SubdivisionFORREST & DILLON'S ADD
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingElectric baseboards
CoolingWindow A/C

Property Financial Summary

Sale price$239,900
Estimated rehab¹$0
Total investment$239,900

TypeProforma

Gross income (annually)$43,500
Operating expenses (annually)$14,926
Net income (annually)$28,574
Gross return18.13%

Gross income (monthly)$3,625
Operating expenses (monthly)$1,244
Net income (monthly)$2,381
Net return11.91%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1e: 1 bed / 1 bath$725/month$8,700/year
Unit 1n: 1 bed / 1 bath$725/month$8,700/year
Unit 1w: 1 bed / 1 bath$725/month$8,700/year
Unit 2e: 1 bed / 1 bath$725/month$8,700/year
Unit 2w: 1 bed / 1 bath$725/month$8,700/year
Total$3,625/month$43,500/year

Expenses

Property Taxes$274/month$3,286/year
Insurance (estimated)$183/month$2,200/year
Waste Collection$70/month$840/year
Water and Sewer$125/month$1,500/year
Electric bill$175/month$2,100/year
Maintenance reserve$417/month$5,000/year
Total$1,244/month$14,926/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.