4809 E 21st St

Solid Rental property currently occupied with 9 yr tenant. 1.2 Miles from Community East Hospital. This Aluminum Sided Bungalow built in 1942, 720 sq.ft., with 2 bedroom, 1 bath, with enclosed front porch, full, dry partially finished basement has a bonus room that could be made into 3rd bedroom, and 1 car detached garage. Basement has W&D hook-ups and, back yard has concrete patio with good sized fenced in yard. Good Roof with newer replacement windows. All Appliances stay.RepairsFew immediate repairs most would do with tenant already nested. However, some trees need to be dropped or trimmed to roof line as branch's are already rubbing on roof (Quote is coming), would also trim up trees by garage. Gutters needed cleaned and add back grading by side entry door from tenants dogs digging that is causing basement to have water [removed]. There is some cracked motor joins and slight deflection on about 6' of wall on that side. Upgrade to new Smoke detector code. Estimate immediate repairs at $3~$4,000. If Tenant leaves most would add new bathroom, Kitchen, repair and some new flooring, and can convert bonus room in basement to 3rd bedroom. With total overhaul all of those upgrades Estimate would be $10~$12,000 total depending on how you finish. Rents/Cash Flows*Current Rents a $585, with 9 yr. Tenant 9., with $500 Security DepositBLC/MLS-RealList shows Rents at over $625 for 2 Bedrms*Rent-O-Meter.com shows 23 rentals within .33 mile radius -Rents Median $625/mo, for 2 bedroom *Zillow shows average Rents of $650*HotPAds show $625 as well*Section 8 using 10/01/13 FMR standards yield $555, adjusted for utilities. Using a blended rate from 6 source's a possible would show rents over $610/m. we will show projected Rents of only $600/mo. and using the Fannie Mae Standard Net Cash Flow* would yield a possible Net Cash Flow of $211/mo. **Assumptions: Fannie Mae Formula is Rents less 25% for expenses less PITI = Net Cash Flow/mo.20 yr. Fixed rate loan at 5% for full acquisition & rehab amount of $18,900, yields $124.73/mo. for PI. Semi-Annual Taxes at $474 divided by 6 mos. Yield $79/mo. Insurance Est. at $420/yr. or $35/mo. (coverages & credit scores effect actual insurance premiums) Additional Description*2013 Net Assessed Tax Value shows $44,600, via RealListYou may want to use www.AppealTaxes-NOW.com to get tax vale reassessed. Today's market conditions ARV's often difficult to interpret and are highly subjective. Using Real List from the BLC comparables it is noted that there Is a High of $50,000 with average of $23,271 Depending on your rehab finish, if you Rehab Ketches, Bath paint, re-floor, minor landscape and moderately finish out basement we would place an ARV $49,900 value on it that would agree with the high mark on the BLC. This is a Wholesale Deal that uses an Assignment of Contract Rights to End-Buyer. Contract Holder is a Licensed Brokers in the State of Indiana, acting as a Principle in the transaction. DO YOUR OWN DUE DILIGENCE BEFORE you make ANY offer.For Comps, Video Tours and additional info goto my website at PropertySolutionsResource.com and click on the "Wholesale Deals" Tab