Duplex in Buffalo Renovated and Rented for $10,500/year
Real Estate
Duplex in Buffalo Renovated and Rented for $10,500/year
Income Producing Duplex in Buffalo, New York This already rented duplex was renovated in September of last year (2007). The property sits on a 35x88 lot and totals 1,540 square feet interior space. The Lower Unit has 3 bedrooms and 1 bathroom while Upper Unit has 1 bedroom and 1 bathroom. Utilities are separated between the upper and lower units. The property comes with one new forced air heater (2007) and one new hot water tank (2007) for the upper unit and another set in perfect working condition for the lower unit, mostly new carpet, new paint, vinyl siding and full basement. At the starting bid price, the property yields higher than 20% net return. Investors are encouraged to validate the numbers proactively. RENTAL INCOME: Both units are already rented with 1 year leases (see image of the contract below). The property has also passed government inspection for Section 8 rental. Total rent being collected is $875/month or $10,500/year. EXPENSES: It is a custom in this area of Buffalo for landlord to pay for water (about $40/month) and trash ($18/month), while the tenants pay for electric and gas. Tax is about $79/month, insurance is about $25/month. The city also charges a rental registration fee of less than $2/month. The total expense is about $164/month or $1968/year. MANAGEMENT: Currently managed by a reputable local licensed and insured management company independent of the seller. The purchaser may choose to negotiate for continuing management at a fee (normally 10% of collected rent). LOCATION: The property is located in walking distance from the Schiller Park and Villa Maria College. It is also less than 3 miles away from Cheektowaga Town Park, Walden Galleria, Walmart and Tops supermarket; one more mile gets you to SUNY University at Buffalo South Campus (UB South). It is about 30 minutes away from the world famous Niagara Falls. PROPERTY CONDITION: Bidders are required to do own due diligence. The property is free of city violations and has passed government inspection for Section 8 subsidized rental. DISCLOSURE: By law, the seller is required and hereby discloses that he is a licensed real estate agent in the State of New York. This auction is for the full purchase price of this house and includes the land. This property is being sold free and clear of any liens and encumbrances. All bids are treated as binding contracts and will be enforced by laws and regulations of the New York State, Safe Harbor, EBay and their affiliates. The information contained in this auction is deemed reliable but not guaranteed, the bidder is encouraged to do own due diligence. The seller reserves the right to end this auction early in compliance with eBay rules. TERMS: This is a cash sale only, no seller financing. Winning bidder is required to pay a non-refundable $1,000 deposit through PayPal within 24 hours after the end of the auction. Full auction balance amount is due upon closing and will be executed by a local Buffalo law firm. Closing is estimated to be between 15 to 30 days after the end of the auction. | ||||||||||||
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