If you know anything about buying a home in the city
3 Unit Manheim Township Great Location Off Street Parking Almost Ready
1127 North Water Street, Lancaster PA 17603
(Imagine) medium grey brick color, black custom shutters and white trim. ( The building has just been re pointed and painting to start at 45 degree tempt)
Permit for off street parking has already been approved. 85% of the windows were newer replacement windows. They will all be pulled reinstalled and the 5/6 windows on backside will be replaced. In addition, all units will soon have individual hvac (heating & AC). Electric is already split so tenants are responsible for heating,cooling and electric. Owner pays water and trash (standard)
The first floor apartment has been renovated. New tile floor in kitchen and bathroom. Electric wiring updated, all plumbing updated, new kitchen cabinets, new ceiling, new appliances, new paint and more to come. (Tenants are extremely happy at $825 and plan to live their forever.
1st floor (b) Rent raised from $725 to $1125.00 (2 bed possible)
The apartment will be renovated by 4-10-18. To include new flooring, new kitchen, new appliances, paint etc. The new tenant is waiting for renovation and plans to move in asap. He will sign a one year lease but asked for longer.
2nd floor apartment had a one year lease for $735.00 that expires in August.(1 bed now will be 2 bed when the lease is up)
The 2nd floor apartment is in solid shape. I would like to make the attic another bedroom in turn allowing rent to be at least $1000.00
Nuts and Bolts
Rent equals= $2685 per month or $32,220 per year
Expense- (Township taxes are low) $2400.00 per year
Water and Trash = (high estimate) $1000.00 per year
Insurance- $790.00 per year
Misc electric (common light) $500 year
$4690.00 yearly expense $32,220.00 income per year
Take 15% off the top for management, vacancy, repair
$32,220.00 - $4833.00 (15%) = $27,387.00 - expense $4690=$22,697
@ 7 cap rate this building is worth $324,242.00
@ 6 cap $378,000
Make offer now or when complete!
(for the record I turned down $210,000 cash) I am motivated!
Please call me direct as this property is not yet listed. The repairs are underway but as with anything, if you want to make offer as is, we will entertain anything within reason. 717-808-1764 Dan parson
Statements in this blog are the opinion of a professional Realtor. Same Realtor actively flips and buys homes in the Lancaster area. Same Realtor is highly rated and reviewed on Zillow and other like websites. This property is owned by same Realtor and although his track record is impressive this blog is entirely opinion. Please do all research and consult a professional that serves your best interest.