Wholesale Deals for Real Estate Investors
Duplex: No Repairs Necessary!
5906-08 N. 70th
$78,969. Excellent condition!
Location
The duplex is located at 5906-08 N. 70th Street. On nearby Florist Street, the Word of Hope Ministries plans to open a Cathedral Heights campus, including a 2,000-seat sanctuary (www.holycathedral.org). This will serve as an anchor for the neighborhood and bring jobs, family activities, technical support, day care and a demand for rental properties.
Condition
Built in 1957. 1,879 square feet of finished living area. (First floor: 936 square feet; second floor: 943 square feet; full basement and laundry: 936 square feet.) No-maintenance vinyl siding. This modern duplex has been well maintained. No rehab needed.
Each unit has two bedrooms and one bathroom, and its own circuit breakers. There is a two-car garage. There are two forced-air furnaces.
Income
Rents are $550/unit, low for this area. According to www.rentometer.com/results, based on 1,000 rental properties, the median rent for two-bedroom apartments in this area is $650/month. (This property is more attractive than most of the area's rentals.) The immediate area has a vacancy rate of 4.83%, one of the lowest in the Milwaukee area.
August 2009: 7324 W. Silver Spring Drive sold for $110,000. December 2009: 7330 W. Silver Spring Drive sold for $151,000. Comparables
