2626 Penbrook Avenue

Description

Fantastic Investment Property. 3 bedroom or 4 bedroom Half a Double Home with 8 Garages. Home and Garage rent is undervalued. Seller owned the property for 10 years and never raised any of the rents, until 1/2023 raised garages from $100 to $120. Home tenant lived in home before Seller bought property.Income is based on projected income. Projected Home rent could be $1,000 to 1,200. Calculation for Home rent used is $1,000. Garage rent used is $125 per garage.** Yearly Expense **Maintenance for 2021 $306 + Taxes $2,272 + Sewer $425 + Trash $285 + Insurance $801 + Garage Electric $574 +Storm Water $229 + 5% Vacancy Rate $1,200 = $6,092 Yearly Expense. ***. Notice that Expenses include $1,200 vacancy rate.Amazing projected Net Operating Income of $17,908, including a $1,200 vacancy rate.Home is vacant. Garage # 7 and 8 are vacant. When property was put on the market seller asked garage tenants #7 and #8 to move out due to slow payment history. Seller did not want Buyer to deal with slow payers. wanted buyer to have a fresh start. All garages on a month to month rental.Prior owner updated home with new windows, roof, vinyl siding and 200 amp service.New carpet and paint throughout the home.Garages stalls are separated and have electric. Garage electric is paid by Landlord.Gas Stove in Living Room plus electric baseboard heat.4th Bedroom-Prior tenant used 3rd floor room as a bedroom. There is no heat on 3rd floor. If you install a strip of inexpensive electric baseboard heat you have another bedroom and more square footage.Home Tenant pays gas, home electric, water. Garage Tenants responsible for snow removal in front of their garage. Home tenant responsible for grass and snow.Sewer and Trash are billed with Municipal Tax.