DAVIS BLOOMINGTON, IN 47403

Features

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Facts

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Sale Type

This is a HUD Home that the Government has foreclosed on because the owner couldn't meet their payments. This home is sold via an auction process whereby the highest bidder wins the home, typically at prices affordable for lower-income families.

Description

$6730 is the expected monthly rental income once the rent increase approval process is completed. Half have already been approved and activated for March/April. Super low maintenance with excellent income. This property was taken down to the studs within the past ten years and completely updated with new electric, plumbing, windows, roof, doors, HVAC, sewer line, flooring. Dry basement with drainage work completed, new gutters, buried downspouts. Maintenance calls are almost non-existent. No carpeting makes for easy turnovers (not that there are many turnovers). Lots of nice touches like intercom for second floor units to avoid running up and down stairs to answer the door and motion sensor lights. All the current tenants are in the HCV or HUD-VASH (for Veterans) programs. Rents are guaranteed and direct deposited to landlord. Landlord pays electric, water/sewer and trash. Shared heat pump HVAC have their own zone controls. Efficient heat pump water heater with storage tank provides plenty of hot water. Utilities average $100-$125 per unit per month. Coin operated laundry is on site (included in the sale). HAND permit expires April 2028. Situated on 3 city lots (development potential?) on the edge of McDoel Gardens (not included in the historic district restrictions) and just a few blocks from the new Hopewell Development that is rejuvenating the old Hospital site to create a new core neighborhood with parks, plazas and mixed use space. **Numbers in listing are based on rent increases that will be realized in 2024.**