1610 E State Fair
This lovely brick multi-family is the twin of the 1630 E State Fair property next door. Both are classic RealT bread-and-butter properties, acquired in the same deal as 19750 and 19751 Marx. These 4 properties are all located on the same street, which allows for an economy of scale on renovations and maintenance. In addition, a renovation on one property increases the value of the neighborhood, and therefore the value of the other properties!
Built in 1957, this multi-family has 16 fully-rented units and 16 parking spaces. As you can see on the map, this property is located close to Nolan Elementary-Middle School, 2 churches, a medical center, and a Dollar General Store where all items are between $1 and $5, which fits into our tenants’ budgets. The nearby school and churches help us to find and keep more responsible tenants as well. The pictures show the pristine condition of the roof and mechanical room, and we anticipate very little in the way of maintenance for this property.
However, we intend to invest a renovation budget of $10,000 into 1610 E State Fair for beautification and improvements to quality-of-life. This will be divided into 2 parts.
$3,925.00 will be used shortly for:
- Common Area Stairwell: $1,250.00
- Parking Lot & Driveway: $1,150.00
- Units: $1,525.00
The second part of the budget will be used in synergy with the budget for 1630 E State Fair to develop the surrounding land. Half the land will be used to create new parking spaces, and the other half will be transformed into a fenced grassy community space where all tenants can meet for barbecue and games. After these improvements, we expect to increase rents.