2 Four Plexes side by side
Spencer, IA
Spencer is a city in the state of Iowa, United States, and the county seat of Clay County. It is located at the confluence of the Little Sioux and Ocheyedan rivers.
![725 1st Ave SW Photo](https://www.triplekeyinvestments.com/wp-content/uploads/sites/476/2022/05/725-1st-Ave-SW-Photo.jpg)
![733 1st Ave SW Photo](https://www.triplekeyinvestments.com/wp-content/uploads/sites/476/2022/05/733-1st-Ave-SW-Photo.jpg)
PROPERTY FACTS
Price $415,000
Price / SF $64.36 / SF
Rent Rates Current: $575/month
Goal: 750+/month
Rehab Schedule 4 in 2022 and 4 in 2023
Rehab Budget $64,000
Number of Properties 2
Built 1974 and 1975
Total Building Size 6448 SF
Total Land Area 19,902 SF
TAXES & OPERATING EXPENSES (PRO FORMA – 2023) ANNUAL
Gross Rental Income $72,000
Other Income $?
Vacancy Loss $7,500
Effective Gross Income $64,500
Taxes $7,328
Operating Expenses $31,090
Total Expenses $?
Net Operating Income $46,430