Property Description:
Original touches, curved glass windows, trim and baseboards, brass doorknobs, original wrought iron and amber glass chandelier, and bronze fireplace insert. Restoration/remodel completed for the main floor and basement studio. All plumbing upgraded to copper/PEX, and wiring redone (no knob-and-tube). This home is no a rehab, but improvements can be made to increase rental potential and marketability as a flip.
Has 3 units, lock off from inside and independent exterior access, all have their own kitchen and laundry facilities. All appliances come with the property. Option to sell furnished, and with current tenants, as well. Current total rents $1800 with partial vacancy. Potential for $3,000/month, or more, in rents (see below).
Upstairs: ~1300 3bd - 1 ba sf, separate gas meter, HVAC, water heater from other floors. Currently rented for $900/month.
Main floor: ~2400 sf - 4bd 2 bath that can be divided into 2 units (3bd 1 bath and 1bd 1 bath), both with independent exterior access, with addition of a kitchen by dividing the oversized laundry room. Currently divided off and half rented for $900/month and the other half is vacant. The whole floor has rented for $1500 in the past.
Basement: ~300sf - furnished AirBnB-type studio, or add the other ~600sf of the basement (50% finished) with a 2nd bedroom and living room. Egress windows already installed. Vacant, but was renting for $500/month to the tenant who is now on the main floor.
Grounds: 2 car detached garage + 16x24 carriage house shed in the back as a 3rd car option. RV pad and plenty of off-street parking behind the house. 0.59 acre lot approx 86x300'.
Rare! Comes with 2 water shares and irrigation infrastructure. Water fees are only $68 a year instead of hundreds per month during the summer! Mature fruit trees, grape arbor over the back deck (red and green grapes), and a forest or raspberry bushes.
We have proof for grandfathering option. We have rented the home out as multiple units since 2004. Home was also run as a bed and breakfast by the previous owner from 1999-2003 (permits were obtained), home had multiple units going back to at least the 1960's per discussion with previous owner's family members. Fun note: Apparently the home had a Prohibition-era still in the basement. We also have history on all the previous owners going back to 1899. Home was in the Cache Valley Historic Home Tour in 2015 and 2019.
Asking $450,000 as-is. This is under $100/ft for a turn-key live-in investment! Can do seller finance with minimum $200,000 down to pay off non-transferrable 1st mortgage. Est. ARV (with finishing basement and other minor touches) $550k. Can discount for cash buyers. Time for us to free up capital and move on to other projects.