Performing rental house just blocks from Fountain Square for only 40k!
We are offering 1525 Spruce for sale. It’s rented at $625 to an excellent tenant. Move in is March 1st.
Purchase price is $40,000 – not negotiable.
Taxes are $53/month
- Brand new hot water heater
- Brand new furnace
- Brand new central air
Cosmetically this is not one of our “WOW” type rehabs. This is a very modest “save what we can” rehab. Hence the $625 rental rate and the $40,000 sales price. The roof appears to have a good 10 years left on it. Plumbing and electrical have been updated but not entirely new.
We have purchased, renovated, leased and currently manage 5 houses on this block and they all perform very well. one of which is a 3 bedroom with the same sq footage (nicer finishes) that rents for 900/month. Just 3 blocks north of this address is where some of the most expensive properties in Fountain Square have sold. Google 1218 Spruce for an example. Sold for 318k. = good indicator of the potential for appreciation and increase in rents.
An inspection will certainly uncover some items to be addressed. This is normal. We have a reasonable amount of money set aside to make corrections.