Property Address: 14 Spring Hill Avenue, Norwalk
Listing Price: $450,000
Status: CLOSED @ $425,000
Bedrooms: 6 | Bathrooms: 2 (possible 4) | Square Feet: 2,878
Garage: 2 Car Detached | Hardwood Floors | Newer Kitchen and Baths | $40,200 GI
Most of the major websites where we (Realtors) market our listings has one major flaw - the inability to hear the true story of a home, before a buyer enters the home. Here is that true story of 14 Spring Hill Avenue, from my perspective.
The listing spotlight for this multi-family home in Norwalk will be short and sweet, because this home sells itself off of the income scenario, for the investors out there. Compared to the rest of the multi-family market, which is slim, at the moment, this home blows the income and condition of all the others out of the water, and if you are in this multi-family market to buy, sell, or as an agent, you will understand.
Generating $3350 in gross income, consistently increasing rents the past few years, is a fact about this home that is overshadowed by its condition - The bathrooms in both units are less than a year old, and the kitchen on the first floor is the same. The upstairs kitchen is only a few years behind that. Match this with the hardwood (under carpet upstairs), the central air conditioning on the main level, and the other updates for this home, and a future owner will not have to touch a thing for several years.
Besides this, there is a dining room off the kitchen in the 1st floor apartment, as well as a wrap-around porch on the front; a modest-sized yard that is flat. Tenants have no issue with parking, because in addition to over 6 spaces in the driveway (with each being able to get out), the street has always been conducive to parking. The windows are all newer, double-pane, the walls and closets in some rooms have been updated or changed as well. The driveway is also only a few years old.
Do the math, this home works. You can avoid huge maintenance budgeting; you are generating $40,200 of gross income, and with reasonable taxes, the ROI is there. It's a perfect home for a newer investor, because the amount of maintenance is minimal, and when enough cash-flow is saved, additional income can possibly be made with the basement and attic
Click on the contact button, or call Joe today to see this, because it won't last long!
BONUS: The walk-up attic, and basement apartment with 2 egress points, gives a future homeowner the canvas to create additional income in this apartment.
We (Joe and Chris Balestriere) are Realtors in Fairfield County, Connecticut. Our blog is meant to educate buyers and sellers and equip them with tools to get the most out of their Realtor, whether it is us or someone else. We focus on technology and how it enhances the work we do for our clients--we are not top CT Realtors by accident.