613 South 16th Street, Mount Vernon, IL

17.00% return

SP: $129,900

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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 statusActive
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 & ExpensesMonthlyAnnual

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.