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.
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