Please see attachment for most up to date information. We update it every two weeks and we don't have additional information beyond the attachment. Complex was bought in May of 2016 as a performing value add opportunity. All 10 units of apartment were rented for between $205 and $345 per unit and White duplex was rented for $510.00 Over the last year we slowly moved tenants out, performed property upgrades and raised rents. Rents now range between $305 and $400 per month. Remodeled units have easier maintenance with less carpet or vinyl and more tile. Units that have not been fully remodeled could use more improvements to bathrooms (Shower tile is aging and should be replaced in time.) See following page for previous statistics. Current cashflow statistics are difficult to use for ongoing maintenance estimates since we have been performing major remodels and have spent more than $50,000 in remodels over the past year. Market rate should be $345 minimum for non upgraded units and $400 for upgraded units. Now that the major remodels are completed on the complex, each additional unit could be updated with all new tile, fixtures, etc for $3,000 per unit. This would increase monthly rent by $55 per unit with a payback under 5 years.
