Property Description:
6-2bd/1bth units. This property was purchased by the owner to be a buy and hold. They've installed a brand new roof, new windows, had walls framed to add extra rooms, washer dryer rooms and pantries, have engineering reports for all units and decks, have completed floor plans signed by the City, new furnaces installed, Dryer vents installed and plumbed out in each unit, New main electric lines for each unit (from meter to panels only - finish electric not completed), New entry and curb cement installed, exterior bricks have been repaired, yard has been cleaned of trees, new tubs installed and plumbed for showers in each unit, new exterior doors. Owner was not astute in commercial, multi-door properties and did not have the proper team in place to complete the work in a timely fashion, they were also stalled by Ogden City for prior non-compliance issues; these matters have been resolved and they are offering engineering reports to support the resolution (back deck enclosure). Owner estimates ARV to be $600,000 to $650,000. 5-yr ROI (after ARV) at 28% (great buy and hold property).