Discover the potential of this unique property, ideally suited for the experienced handyman or savvy investor. Located within the city limits and zoned R3, this versatile property features two homes on one lot, offering endless possibilities for income generation and renovation.
Home 1: Immediate Income Potential
The first home is currently rented, providing a steady stream of income from day one. This residence has charming features and solid bones, needing only minor updates and TLC to maximize its rental potential.
Home 2: Full Rehab Project
The second home on the property is a blank canvas awaiting your vision. This house requires a full rehabilitation, making it an ideal project for those with a keen eye for renovation. Transform this space into a stunning residence or another lucrative rental unit.
Property Highlights:
• Zoning: R3, offering flexibility for various uses.
• Location: Conveniently located within city limits, ensuring easy access to amenities, public transportation, and vibrant city life.
• Income Potential: One home is already generating rental income, while the other presents an excellent opportunity for value-add investment.
• Investment Appeal: Perfect for experienced handymen, investors, or developers looking to capitalize on a property with significant upside.
Opportunities:
• Renovation: Fully rehab the second home to create additional rental income or increase property value.
• Development: Explore potential for further development or enhancement due to the favorable R3 zoning.
This property is a rare find with immense potential. Whether you're looking to expand your rental portfolio or undertake a rewarding renovation project, this unique property offers a promising investment opportunity. Bring your creativity and expertise to unlock its full potential!
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RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $101,520 | $101,520 | $101,520 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.125% | 6.125% | 4.990% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.483% | 6.273% | 5.268% |
Monthly Tax Payment | $176 | $176 | $176 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $617 | $617 | $802 |
Total Monthly Payment | $868 | $868 | $1,053 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.