This large two apartment multi family home is located in Metcalfe Park on the Northside of Milwaukee. Just five minutes and 1.6 miles from Washington Park, a beautiful large public area known for its Urban Ecology Center, large lagoon, and concerts in the park. The property is a large brick built building split into two, two bedroom apartments side by side. One apartment is tenant occupied and the tenants are paying $650 in rent each month. The second apartment needs $8,375 in cosmetic repairs to be made rental ready. This is included in the price and will be completed and a new tenant placed by the management company in the vacant unit when the new owner closes on the property.
Property Details
• Four bedrooms.
• Two bathrooms.
• Full Basement.
• 4,790 sqft built.
• Fully managed.
• Local staff.
• Great location.
• Garden.
Investment Calculation
Purchase price: 55,900
Gross annual rental income: $17,400
Property running costs: $4,220
(Tax, insurance and management costs)
Net annual rental income: $13,360
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 24%
Break even in 4.16 Years