Elsmere investment property for sale

I have a duplex available in Elsemere. It is part of a row of 8 duplexes. Current rents range between $675 - $725. Tenants pay utilities. I know of other units in the area renting for $735.
I have 3 buildings on the same street (6 units), I am looking to sell one I am not particular about which I sell, one building is listed with a realtor. (MLS#5377118). (I will consider selling all if you are specifically looking for 6 units at the same location).
Units have been renovated

• Flat roofs replaced with torch down rubber or recoated
• Electric upgraded from fuses to breakers.
• Installed 220V dryer outlets and separate lights in basement
• Kitchen floors / cabinets replaced
• Refrigerators / ranges replaced
• Installed vinyl double glazed tilt in windows
• All units inspected and with Elsmere rental permits
• Front fencing replaced
• Regular maintenance performed on the units
• Water heaters replaced as necessary

Why am I selling? I am not a distressed seller, so please, no unrealistic offers (I also read that book). All my properties cashflow just fine. This is a strategic move. I have a lot of capital tied up in these properties and it is not very appealing to wait 27.5 years to recover it. Secondly, I am maxed out on my mortgages (since I have other properties in addition to these 3). Lastly, I am also looking at some other business opportunities and don't have the time to manage the number of properties I currently own. I have owned these since 2003

New investors. If you are looking to buy your first investment property, the numbers work. I will also throw 6 months mentoring into the deal. I have over 8 years investing / landlording experience.

Features:

• Breakers
• 2x 2br, 1ba units
• Separately metered utilities (gas/elec)
• Gas heat / hw / range
• Recently replaced ranges / refridgerators
• Private parking
• Full basement

Opportunities for increasing rents

• I am currently not providing the tenants access to the basement. As mentioned above, I have had dryer outlets installed. Separate washer hookups are already present. Increase rents by providing washer / dryer hookups and lock up storage units in basement.
• I currently don't charge the tenants for parking. There may be an opportunity with new tenants to provide assigned parking for a fee.
• Units do not have dishwashers / ac. These are two upgrades that could increase rents.

The numbers (the important stuff)

Price	145000	Recent sales $168k
Income	16200	Assume $675/unit. Could be $17400 @ $725 ea
Expenses	3160
- Water	250
- Sewer	450
- Taxes	1450
- Licenses	300
- Lawncare	360
- Insurance	350
Net Op Inc	13040	Cap rate = 9% (8.996)
As with most adverts this leaves off maintenance and vacancies, so make you own assumptions about these

See pictures on the web at:
www.claytonprop.com - select any of the Seneca Rd apartments