Amazing Muli Family Conversion Investment Opportunity 🔥
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4+ Unit -
8 -
7 -
1900 -
3666 -
10018 -
Attached Garage
Description
OFF-MARKET MULTIFAMILY INVESTMENT OPPORTUNITY
Address: 206 W Main St. Clarinda, IA
Property Type: 7-Unit Multifamily
Price: $90,000
Condition: Full Rehab Needed
PROPERTY OVERVIEW
This off-market multifamily property in Clarinda, Iowa, presents a prime opportunity for investors looking for a value-add project. The building consists of 7 residential units, a 3-car garage, and a shared boiler system. The property requires a full rehabilitation, including updates to plumbing, electrical panels, siding, soffits, and interior renovations.
UNIT BREAKDOWN & RENT ROLL
1 2 Bed / 1 Bath Occupied $0 Maintenance worker, connected to basement
2 Studio Occupied $500 Paying tenant
3 Studio Occupied $450 Paying tenant
4 1 Bed / 1 Bath Vacant-Needs rehab
5 Studio Occupied $650 Paying tenant
6 Studio Vacant-Needs rehab
7 Studio Vacant-Needs rehab
Total Monthly Rental Income (Current): $1,600
Total Monthly Rental Income (Fully Occupied, Market Rent Potential): $5,000+
PROPERTY FEATURES
- Number of Units: 7
- Unit Mix: (1) 2-Bedroom, (1) 1-Bedroom, (5) Studio Units
- Garage: 3-Car Detached Garage
- Roof: No known leaks, may require maintenance
- Exterior Needs: Siding and soffit repairs needed
- Plumbing: Needs updating
- Electrical: Needs panel upgrades
- Heating: Shared boiler system
- Cooling: No central air
- Utilities: Separately metered
INVESTMENT HIGHLIGHTS
- Strong Value-Add Opportunity: Full rehab project with significant upside potential
- Income-Generating: Three occupied units currently producing $1,600/month
- Market Rent Upside: Once renovated, potential for increased rental income
- Garage Rental Potential: Additional income stream from the 3-car garage
- Located in a Growing Market: Clarinda, IA, offers rental demand with potential appreciation
- Basement could be finished to add an additional unit
NEXT STEPS
For more information, financials, and to schedule a showing, please contact Dupree Prentice at 531-739-7483. Serious investors only—property is being sold as-is. Don’t miss out on this incredible off-market investment opportunity!
Estimated Spread
- ARV $300,000
- Price $90,000
- Spread $210,000
