Springfield, IL
Background Info:
Current Property Status:
Property Future Outlook:
| Property Address: | 541 E Black Ave, Springfield, IL 62702 |
| Property Purchase Date: | July 2022 |
| Property Purchase Price: | $310K |
| Diamond Properties LLC Ownership (%) | 100% |
| Property Operation Status: | Under Rehab/Refinance Status |
| Property Debt Structure: | Under refinance – term sheet approved by lender |
| Rehab (if applicable) status: | 1 to 10% complete |
| Total Rehab cost (Capex): | $600K |
| Current monthly expense (if any): | $1.5K |
| Property ARV after Rehab: | $2.2M |
| Property Future Outlook: | Fix and Rent |
| Outlook details | Turn this into a traveling nurse apartment for rental with fully furnished rooms (26 units) with kitchen and bathroom for traveling nurses to stay and use. Amenities include: common kitchen, dining area, lounge and recreational area. Expected NOI 5 years: $1M (Break Even) |
| Expected Implementation Outlook date: | September 2023 |
| Expected Rental return Annually | $420K (proforma 2024) annual from Rental |
| Other details: | Christian college nurses program wants to rent the place for their nurses (at $1.4K /per month per unit X 26) = $36.4K Revenue |