1608-1610 Maury St., Richmond, VA 23224

Property Status: Available (Wholesale) | For Sale: $196,500.00

4 Bedrooms / 4 Baths / Multiple Family

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4 apartments 1bd/ 1bth each. 2 side by side duplexes, 1 Great Price!! Great Money Maker! Minor cosmetics needed!

1608-1610 Maury St.- 2 side by side duplexes, 1 Great Price! This property has 4 X 1 bed/1 bath units with spacious living rooms and the whole building has new sub flooring, smoke detectors, all new electrical (wires and panels with 4 separate breakers outside), new plumbing, new cabinets, new toilets and showers. It will need flooring, appliances, paint and HVAC(not necessary but would be the only possible major update) to be rent ready. The owner poured a lot of love into this building and replaced the roof, studs, joists, drywall, everything mentioned above, and more! The only thing is he had to move out of town for his children and leave the property unfinished, now his loss is your gain! With a few small cosmetic upgrades this money making machine can be rented for a great residual income. The entire street of Maury is being built up with new houses and renovations including the school across the street. This is a great opportunity in an up and coming neighborhood with VCU expanding and students starting spreading out to Manchester and Blackwell areas. Repairs should total around 15-25k(depending on how you decide to update it) while rents should be about $800-$1,000 per unit per month( X 4 is $3200 a month on the low end). Water is separated by 2 units per meter, this could also be turned into 2 mother/daughter homes for resale. The building is a solid brick structure and all previous work has been inspected with presentable paperwork from the city. 1616 and 1618 have both been updated, one finished almost 2yrs ago and is being rented for $700 per unit. The other is renting for $800 per unit, both are quad plexes with around the same sqft per apartment. The "as repaired" appraisal for this buildingswas $260k. Price is $196,500

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