4 x rentals homes with an additional seven lots across the street for sale
The 4 homes were built in 2011 and always been occupied because of the great, safe location which is perfect for small families. Each home has the same interior floor plan that is 1197sq ft and have 3 bedrooms / 2 baths with a 2 car carport. They all have stucco exterior, with hardi board soffit and fascia so, they are literally maintenance free. They all have tile roofs that a designed to last a lifetime. The kitchen and bathrooms have custom built oak cabinets with granite countertop in the kitchen. 3 of the 4 homes have ceramic tile throughout entire the home. 1 has carpet in the bedrooms that could be easily removed and replaced with tile when vacant if desired. They all have Central Heat and Air Conditioning with Trane units. Eack unit has a Stove, Microwave, and dishwasher. The utilities include City Water, Sewer system, and Slemco utilities The lots themselves were built up and had LUMRs implemented which removed the homes out of the flood zones. There have been many floods in Lafayette since 2011 but, water has never even come close to these homes because of the additional elevation.
The last appraisal was performed in 2011 and each home was value at $123,000. Since that time, 2 new neighborhoods were developed with much higher price per square foot which, should increase the values of these homes. I always felt that the homes were undervalued during the original appraisal because there were no new construction comps in the area to base their evaluation. Having said that, based off the original appraisals, the homes themselves would be valued at $492,000.00.
The seven lots are located directly across the street. Each lot has its own water, sewer connections available and would be ready to build. These lots are still in a flood zone and can be built up with a dirt pad like was performed on the 4 houses. Because of the low elevation and the additional work involved to raise with pads, these lots are valued easily at $14,000. If you don’t believe me, try and find a lot in Lafayette with water and sewer, in a neighborhood for less. These lots are very rare. So, I value these 7 lots at $98,000. I also have 3 bedroom 2 bath floor-plans for these lots if the buyer is interested.
So, adding the homes and lots together brings the total to $590,000.00. This is $40,000 more than my $550k price for a package that instantly brings in cash flow.
Why am I selling the property if the deal is so good? I have decided to move out of state to pursue another business opportunity and I am not interested in trying to maintain this development while being so far away.
Who is this deal good for? Developers, builders, investors, sure. My goal was to live in one of the properties and rent the others out to pay for the mortgage. I did this for several years until about a year ago when I moved away in pursuit of other business opportunities. However, it was real nice to not only have my mortgage paid for me every month but, I was also having all the others properties being paid for as well.
do NOT contact me with unsolicited services or offers