- 18 Clinton Ct.
- New Castle,
18 and 18A Clinton
Water heaters replaced within last 5 years.
New exterior HVAC units in past 7 years.
Roof replaced in last 5 years.
Interior of the units are good (Lower), fair (upper).
The interiors will need new paint and flooring when the tenants move out.
The upper unit will need a little more, but again, only when the tenant changes.
Upper unit has lots of people and is very full of stuff.
Current rent is $940/mo. for the upper unit, and $925/mo for the lower unit.
Seller will be sending them out rate increase notices of 5% in the next couple of weeks. Meaning an increase of $47.00 for the upper unit and $46.25 for the lower unit.
Leases are up as of 7/1/21 for lower unit and 9/1//21 for upper unit.
Leases are month to month, but tenants have both been in place since 2013 and have not indicated that they plan on moving.
Section 8 pays approx. $440 for the lower unit, and $740 for the upper unit. The balance is paid by the tenants.
Landlord pays for Trash: about $1.00 per day for each unit. – Republic Services
Landlord pays for Water about $100 (total) per month.
Landlord pays for sewer. See tax records.
HOA fee is $150/year, pays for snow removal and parking lot repair.
Landlord Pays $20/10 days for lawn mowing, avg year about 20 times
Insurance about $683/year
The average cost to reoutfit the interior of a unit from top to bottom between tenant changes is $5000. By a local contractor who does a lot of these units.
There are fewer properties on Clinton then on the surrounding streets. Per the seller, does not have the number of illicit activities that neighboring streets have. It is also quieter than the other streets, making it more likely to rent. When the listing is posted for rentals, the calls are overwhelming. As it is one of the few rentals that are not in the city of Wilmington at this price point.
To see the property:
Please have the buyer do a “drive by”.
Review the info on this sheet.
Provide a recent pre-approval with a large down Payment 20% or more/ or proof of cash.
We will need minimum of 24 hours to set up the appointments to see the interiors.
Desired in the offer:
Purchase price of $210K
$5000 Ernest Deposit
Cash or Conventional loan with large down payment.
A relatively quick settlement.
- Fact Sheet:
Listing Type: Sale
Property Type: Multi-Family
Year Built: 1985
Interior Size: 1950 sq. ft.
Lot Size: .11 acre(s)
Bedrooms: 4 room(s)
Bathrooms: 2 room(s)
Garage Size (# of cars): 2
- Living Room, Central Air