1860 N Maple Rd – 2016/03/22

 

Newly updated, 3-unit house in NW side of Ann Arbor, ~3000 finished sq.ft. Great turn-key rental, multi-family or owner-occupy one unit & live mortgage free.

The home is not listed, serious buyers/agents only please. I will happily provide any details prior to showing to help decide if it’s right for you.  Please do your homework before requesting a showing, it is disruptive to the tenants & I will be very frank & forthcoming with any information you request. I am not “rushing to get out” and will only do a very straight-ahead deal where both parties benefit. You can email me anytime at:

1860nmaple    AT    gmail.com

The “Make me move” price is $300K.  I set this using a Bank-ordered appraisal based on comp-sales, which came in at $290K in late 2015. The price reflects the generally conservative nature of this type of appraisal, some plumbing upgrades of the upper unit, and a cosmetic refresh of the main floor unit (not shown in the photos below).

Appraisal – Click here to open PDF

Income – Current:

1750$/mo ($21,000/yr) with main unit available
notes:
– Main-Level Unit: (large) 3 BR, just vacated & freshly painted. Fair value in current condition $1300/mo
– Upper Unit: 2 BR, 1 BA rented at $750/mo – good condition.
– Lower Unit: 2 BR, 1 BA + Office – very good condition with updated kitchen, new bath, rented at $1000/mo.

Utilities – Owner Paid – 2015:

400$/mo ($4779/yr, owner pays electrical, water, non-heat gas, and heat for 1 of 2 furnaces)
notes:
– only 1 electrical & water meter on the property, owner paid
– gas for 1 furnace is shared between lower & main floor unit, owner paid
– gas for upper unit furnace is on a separate meter & tenant paid

Known Issues:

Main drain-line to the sewer – junction between cast iron & PVC near lawn clear out & at tie-in to city line at the sidewalk has minor root intrusion (inspected ~2014). I deal with this by having a company do a clean-out yearly.

Gutters – the gutters are functional but not in the best of shape, could do with replacement.

Windows – the windows are mostly old wood-frame type. They don’t need to be replaced but they aren’t the nicest.

Main-floor Unit – Currently being updated. After many years of continued rental to a young family the apartment is available to do some maintenance/upgrades: paint & some minor upgrades (refinish bathroom tub & surround, new bathroom door, new blinds)

Upper Unit Door – Could due to be shaved down a bit as it tends to drag on the carpet & has worn out the mounts some. I can correct this easily prior to sale.

Roof – Seems to be in good shape but I don’t know how old it is.

Air-Conditioning – There is no central air in the home. The tenants use window mounted units in the main & upper units. The lower unit stays cool enough without AC due to it being a garden-level / basement.

Attic – Somehow a chipmunk or two get in there sometimes, thus far their devious method of break&enter eludes me.

More:

Common area has laundry & 2 large storage rooms. New furnace and water heaters. Large yard. Home has been 100% occupied for 4+ years with long-term tenants. Top notch schools for K-12 & pre-school all walkable (Skyline, Forsythe, Wines, Abbot, etc.). On bus route to downtown or quick, traffic-free 2.5 mile drive down Miller. Excellent access to M-14 for commuters.

You will not see another home able to generate 30K+$/yr at this price in Ann Arbor.

I have operated this home as a rental since purchasing it in late 2011. At that time the home needed a great deal of work & after a couple years it is now in much better condition than when I bought it. The biggest improvements were made to the lower “garden level” unit. I lived there for a couple years doing renovations (some done using contractors, some done on my own), so I am very familiar with the home.

I am a young professional & have being operating as a landlord part-time. I had listed the property for about 4 weeks at $250k, did a ton of showings & had a strong offer. However at that time the home still had a number of updates to-be-completed & the lower-unit had not been put on the market; so I pulled the listing to do the improvements. I am open to selling because I have added a lot of value to the property & would like to use the equity to make a new investment & partially fund a down-payment on a principle residence (recently married… :-) ).

Thanks for looking!

Shaun Bowman