Multi-Family Fire Sale NO RESERVE Start Price USD 139,900.00 Current Price USD 139,900.00 Time Left - Bid Count 0 Buy It Now Price USD 199,900.00 Reserve Price - Start Time Thursday, September 18, 2008 End Time Saturday, October 18, 2008 Location Villa Rica, Georgia See more about 'Multi-Family Fire Sale NO RESERVE' Description Multi-Family Rental Property with Extraordinary Cash FlowProperty will be sold to highest and best offer on or before October 12th!BelowMarketHomeDeals.comGaMLS#: 02534882West GaMLS#: 104975PROPERTY315-317 Thomas Dorsey Dr. Villa Rica, GA 30180 2 Bedroom / 2 Bath units w/basements Sqft (approx): 2,450 319-321 Thomas Dorsey Dr.Villa Rica, GA 301802 Bedrooms / 1 Bath unitsSqft (approx): 2,000INCOMETotal Monthly Income = $2,090315 - $550317 - ($550) viewing unit319 - $495321 - $495PROPERTY VALUATIONSAppraisal Value = $258,000 Visit BelowMarketHomeDeals.com for appraisals2008 Tax Value = $249,000ASKINGMinimum bid = $139,900Buy It Now = $199,900REASON FOR SALE Owner specializes in developing consistent and reliable cash flow assets and selling to rental property owners for long term income.PROPERTY STATUS*Fully Leased. Property has been consistently leased and professionally managed for over three years. All rents are current. All of the current tenants have been in the property for and minimum of 1 year or more and the turn over rate has been on average one rollover per year.*(except for 317, which has been intentionally kept vacant for showing purposes during sale process)PROPERTY HISTORYOriginally built in 1987. These properties were part of an inheritance. At the time the current owner acquired the buildings, tenants were paying rents of $550 and $650 for a total rental income of $2,400. However, most of the tenants were severely behind on rents due to mis-management. The owner lives a significant distance away from the property and it is difficult to manage turn over. So in an effort to reduce turn over and gain long term quality tenants the rents were reduced to $495 & $550 for a total $2,090. Since that time all new tenants have been added to the property and they have been paying on time each and every month with out exception.In 2001 unit 321 had a fire caused by a tenant leaving a clothes iron on. Insurance paid to rebuild all of unit 321 and the majority of 319 was replaced and updated as well.The property was previously listed for sale last year in the spring of 2007 for $225,000 in which we received an offer to purchase one building. The owner prefers to sell the properties together.PROPERTY CONDITIONOver all the properties are in good rental condition with few maintenance issues. 315-317 exterior was painted just one year ago.At the time the property was acquired 315-317 did have some foundation issues. Since then the owner has made a significant investment into foundation repair and the building foundation comes with a lifetime warranty from Aquaguard Basement Systems, a very reputable Atlanta foundation company.Units 315 & 317 do have full basements. However, the basement walls are made of cinder block and have a tendency to leak during heavy rains storms which is common with cinder block basements. While tenants do use the basements for storage, we encourage tenants not to use them as living space and we do not advertise the basements as living space when renting the units. View Sellers Disclosure & Lifetime Warranty at BelowMarketHomeDeals.comVIEWING THE PROPERTYUnit 317 is being made available for viewing during sale process. The unit can be viewed at any time. A MLS Realtor lockbox is available on the front door as well as an additional lockbox for buyers working with out an agent. Please Email the owner for the lockbox code.To respect the privacy and inconvenience of our tenants, buyers will not be able inspect the other occupied units until a contract to purchase has been signed. However, the seller warrants that all of the units are of similar size and condition as the unit made available for viewing.OFFERSWe will accept all offers before October 12th, 2008. Please make all offers through our Ebay sale site.You are welcome to make offers in any other format you prefer, but if you will be offering less than our Buy it Now price ($199,900), please make your offer through our Ebay sale site, in addition to your preferred method. We will give serious consideration to any and all offers made through this process. Place a Bid!