29 unit brick multifamily consisting of 14 studios, 12 1BR's, 2 2BR's and 1 3BR. Tenants are individually metered for electricity and the heat for the building is on a balance-payment plan split between the tenants. There is an onsite laundry facility. Prior to rehabilitation, this property was valued by the insurance carrier and mortgagee at over $635k. This property is at the tail-end of a rehab. We have installed 350+ dual-pane windows, added insulation, and remodeled most of the 29 units. This is an opportunity for someone to step in and finish what we've started. Professional property management is in place. Existing first for $250k at 8.1% fixed, amortized over 25 years, due in 10. Will do a wrap mortgage or contract-for-deed but must have at least 10% down. Will also sell for $325k with a $75k down payment and taking the underlying mortgage in a "subject to" transaction.
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