1739 W 5TH Street

Description

Welcome to 1739 W 5th St. Here is a rare opportunity to own a recently renovated multifamily duplex with amazing income potential. Location is everything, and this investment property is within walking distance to all of the famous restaurants and nightlife that Little Italy has to offer, close to Downtown Wilmington, the Business District, the Wilmington Riverfront, Trolley Square, and all of the revitalization and excitement happening in the popular City of Wilmington limits. This property offers a great investment opportunity or the chance to owner occupy one unit while renting out the other. The first floor unit features 2 bedrooms and 1 bathroom, providing plenty of space for a family or roommates. The second floor unit is a 1 bedroom 1 bathroom, perfect for a single person or couple. With its spacious units and desirable location, 1739 W 5th St is a must-see for anyone looking for a multifamily property in Wilmington. The estimated income potential at a $209,000 purchase price would be as follows. The monthly mortgage payment at a 6.15% interest rate w/ a 25% downpayment using a 30 year conventional loan would be approximately $1,088 (this includes principle, interest, taxes and insurance). The combined total monthly income potential for a 2 and 1 bedroom unit in 19805 is approximately $2,100 ($25,200 in approximate annual income potential) leaving a monthly gross cash flow of $1,012 - which would equal a total estimated annual gross cash flow income of $12,144 after paying your principle, interest, taxes and insurance. Now that is is a great return on investment!