1020 Wabash Avenue, Mattoon, IL

23.68% return

SP: $159,900

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Property Description

AWESOME 6 UNITS!!

2 buildings on one parcel. 4 x 1bed/1bath units in one and 2 x 2bed/1bath in the other. Decent condition. Tons of potentnial. Long term tenants. Nice area. WILL GENERATE A 20%+ NET RETURN ON INVESTMENT!!! Do not miss out on this property.

Financing is available.

Property Information

Listing statusPending
Property typeMulti Family
Total units6
Total bedrooms8
Total bathrooms6
Building size5025 sq. ft.
Lot size0.2 acres
Year built1896

CountyColes County
SubdivisionOriginal Town Of Mattoon
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingGas
CoolingWindow A/C

Property Financial Summary

Sale price$159,900
Estimated rehab¹$40,000
Total investment$199,900

TypeProforma
After repair value$249,900
Potential profit$50,000

Gross income (annually)$60,000
Operating expenses (annually)$12,667
Net income (annually)$47,333
Gross return30.02%

Gross income (monthly)$5,000
Operating expenses (monthly)$1,056
Net income (monthly)$3,944
Net return23.68%

Property Income & ExpensesMonthlyAnnual

Income

Duplex
Unit 1: 2 bed / 1 bath$900/month$10,800/year
Unit 1/2: 2 bed / 1 bath$900/month$10,800/year
Quadplex
Unit 1: 1 bed / 1 bath$800/month$9,600/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: 1 bed / 1 bath$800/month$9,600/year
Total$5,000/month$60,000/year

Expenses

Property Taxes$274/month$3,287/year
Insurance (estimated)$200/month$2,400/year
Water and Sewer$250/month$3,000/year
Electric bill$40/month$480/year
Maintenance reserve$292/month$3,500/year
Total$1,056/month$12,667/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.