Overview

Description

This Turn-key Duplex has been recently renovated including windows, roof, fire escape, plumbing from the street and into the units. Electric has been updated and separated for each unit. New LVT flooring throughout, lighting, painting inside and out. Both units have their own laundry in the units, that’s a huge plus for tenants. Both units occupied with 12 month leases starting 10/1 The main level unit is 2/1 with 12 mo lease in place for $1,000. The top unit has 3 beds 1-1/2 baths and is leased at $1,500/mo. Tenants pay electric and gas, owner only has water, garbage. Plenty of Off-Street Parking. Asking price on this is $260,000, That’s just shy of 7.5% Caprate and a 9.5% Cash on cash, that’s including property management, maintenance, and budgeting for CapEx, etc. 
 Property Management is in place for an easy turnkey transition, or you can self-manage or bring on your own management.


Directly across the street from the center of campus at Drake University. Walk-ability in this area is fantastic. 6 Blocks from Interstate 235 and less than 2 miles to Downtown. And this property is in the center of the metro, so getting anywhere is a breeze. Plenty of off-street parking. Des Moines is a very stable real estate market compared to many other areas. With extremely low unemployment, growing jobs and population Des Moines offers a lot of long-term potential for investors. Iowa is one of the best states for landlord protections and is a friendly state to do business. Des Moines has been increasing in population and jobs as well because of the low cost of living, but the high standard of living. A vibrant gem in the heart of the prairie, Des Moines is named for the river that snakes through the city. This is Iowa's capital (and the county seat of Polk County), and it is filled with things to do. From concerts at the historic Salisbury House to the collections at Des Moines Art Center, and from the 81 miles of hiking and biking trails to the Greater Des Moines Botanical Gardens, Des Moines offers so much that it was named one of the top 10 cities in which to live by US News. Home to such companies as John Deere, Pioneer, Corteva, Meredith Corporation, Wells Fargo, Voya Financial, and Principal Financial Group, Des Moines is considered one of the nation's wealthiest cities. Greater Des Moines is vibrant, growing and experiencing tremendous momentum. Metrics such as gross domestic product growth, population growth and employment growth show DSM as one of the strongest metros in the Midwest. Greater Des Moines is home to many business successes and has received numerous accolades over the past several years. These recognitions include being named one of the top 10 best cities to live and work, one of the best cities for jobs, one of the top 10 places with the most job opportunities per capita and a top metro for economic development projects. Such accomplishments can be attributed to DSM’s talented workforce, impressive education ranking and strong business economy.


Asking price on this is $260,000, That’s just shy of 7.5% Caprate and a 9.5% Cash on cash, that’s including property management, maintenance, and budgeting for CapEx, etc. 
 Property Management is in place for an easy turnkey transition, or you can self-manage or bring on your own management.

Highlights

• Purchase Price - $260,000
• Cash On Cash - 9.38%
• Caprate - 7.42%
• GRM - 8.67

Documents

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