1,148 SqFt
1,148 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,148 sqft
Price per Sqft $191
MLS Listing ID 641132
Lot Size 2,848 Sqft
Property Sub-Type Multi Family
Property Description
Let's do this differently. This property has gone under contract twice, but didn't close. So here's the whole story before you ever book a showing: this is a solid circa-1950s duplex. We have done substantial work to solidify roof and water drainage on back of house. The foundation has been inspected and is solid. The finding: normal wear and tear consistent with the age of the structure. No structural failure. (Full documentation handed to any serious buyer on day one.) Now the good part: You can live for around $500 a month.
The 2-bedroom unit is on the main floor. The separate entrance 1-bedroom unit is above.
Both occupied, both renting under market.
Options: Move into the upstairs unit, bring the downstairs to the going Erlanger rate of roughly $1,200-1,250, and your tenant covers nearly your entire payment. On an FHA loan at 3.5 down, that's an out-of-pocket housing cost around $450-500 a month. (At current rents of 1000 downstairs, you're still only 700 out of pocket each month).
Renting a comparable one-bedroom in Erlanger costs twice that and buys you nothing. Here, someone else pays your mortgage while you build equity over time. Or, in a few years, you can move out, lease both units at market, and the building pays you instead.
This is a value-priced, cash-flowing building for a buyer who can see past old-house bones to young cash flow.
At $222,000 that's $111,000 per door, in a city where the median single-family home lists north of $400,000. Minutes from I-71/75, I-275, and CVG.
14 Locust Street. The best deal you can find in Erlanger today.
Location
State KY
County Kenton
Rooms
Basement Basement
Interior
Heating Natural Gas, Electric
Cooling Central Air, Window Unit(s)
Exterior
Parking Features No Garage
Utilities Available Cable Available, Natural Gas Available, Sewer Available, Water Available
View Y/N N
Roof Type Shingle
Building
Story Two
Foundation Other
Sewer Public Sewer
Level or Stories Two
New Construction No
Schools
Elementary Schools Aj Lindeman Elementary
Middle Schools Tichenor Middle School
High Schools Lloyd High
Others
Special Listing Condition Standard
Nearby Locations
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