Income Property opportunity! 1116-1118 Vilas Ave is a foreclosure currently for sale at $379,900 list price. The property is located just south of UW campus, 5 blocks from Vilas Zoo, and a couple blocks from St. Mary’s hospital. One side (1118) is in excellent condition, and the other side needs some TLC.
This property sold for $590,443 just three years ago…now it’s for sale at $379,900! It was actually listed at $399,900 in the beginning of March, and then reduced to $379,900 in early April.
With income properties, you typically need a 25% down payment if it’s not owner-occupied. So not everyone has the funds for this sort of purchase. But if you do, you are looking at roughly $2,750/mth for mortgage, taxes & insurance. Tenants pay utilities. Zoned R3, so you can have 4 unrelated on each side. There is a 2car garage in back by the alley way.
It doesn’t hurt to try…I recently saw a foreclosure 4-unit property sell at nearly 15% under list price ($495,000 list price, $425,000 sale price).