Multi Family Residence
7 Units – 6 Plex + SFH  all 2/1s
6 Plex: 1985 build consisting of six 2 bed, 1 bath units averaging 700 sq ft.
Total sq ft of the 6 plex: 4,368 sq ft on a 17,714 sq ft lot zoned R-3.
New roof on the 6 plex
SFH: 1960 build, 774 sq ft, 2 bed 1 bath. Property has a new roof.

Condition:
Property has been well maintained with some cosmetic updates the the interior. All units virtually in the same condition and could use some cosmetic updates to add value. Both the house and the 6 plex have new roofs. All a/c units are in working order – some newer than others. There is a laundry room and a well maintained parking lot for 12 cars plus more. There are new build condos going up right across the st.
Current rents: 3 are on month to month, 2 are 1 year leases, 2 vacant units
Rent: Current: $5215/m
Rent potential: $9100/M  @ $1300/m
Current Cap: 5.96
Potential Cap: 9.5 fully occupied
Owner pays water, sewer, trash, common area electric, taxes, insurance
Average water/sewer/trash – $80/m,   average Electric – $75/m
Taxes: 1,862/yr
Rental Comps: 1395-1500/m – see attached

Comps:
16243 N 31 ST Phoenix, AZ 85032 – 16 units sold $200/door
3044-3048 E Beck LN Phoenix, AZ 85032 – 8 Plex sold $185/door not updated
2819 E LE MARCHE AVE Phoenix, AZ 85032 – 4 plex sold $175/door partial update

Wholesale Price: $1,070,000 ($152k/door)

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Disclaimer:
House is being sold as-is, and the buyer is to pay all closing costs. $5K EMD. Non-Refundable earnest money to be deposited within the same business day contract is executed or the contract will be canceled. Buyer must close with cash or a hard money loan.

The buyer is not relying on any representations, whether written or oral, regarding the properties above. Price based on a cash or hard money offer and is net to seller. Buyers to do their own independent due diligence.
Buyer must do your own due diligence, evaluation and inspection prior to making an offer. Determining value is the buyer’s responsibility. Seller strongly recommends buyers employ an Investment Realtor to help determine value. Any reference to the value of a property by the Seller or any representative of the Seller is an opinion of value. Everyone has a differing opinion on value, cost of construction, materials, quality of workmanship and market speculation. Value is ultimately the buyer’s responsibility and they should be diligent in determining market value.

REALTORS:
If you are currently working with a client, and wish to receive a commission, please note that the wholesale price does not include your commission. You may want to negotiate a commission with your client separate from the wholesale price or you may adjust the wholesale price upwards to include your commission.

WHOLESALERS:
If you’d like to JV on this deal send us a text message, email, or call to let us know you are going to be sharing our deal with your investors.