1046 N Spaulding Avenue

Description

This property offers buyers a remarkable opportunity to leverage the existing $1,500,000 assumable loan with chase bank at an exceptionally low rate of 3.46% with over 3 years remaining on the loan. This means that a buyer can put approximately 50% down and cash flow positively day one. If you're looking to make the most of your tax deductions this year, this property presents an exceptional opportunity. With bonus depreciation benefits, you can deduct a substantial portion of the property's cost in the current tax year. The real advantage lies in its assumable financing with a low-interest rate, allowing you to receive a higher Loan-to-Value (LTV) ratio. This means you can invest with a smaller down payment while still reaping significant tax benefits. Compared to putting down 50%-60% on a property with a higher-interest loan, this option lets you stretch your dollars and maximize your tax shelter, providing an enticing investment prospect for a more sophisticated investor. This is a true value-added opportunity, with current rents well below market rents. The units have been meticulously maintained by the current ownership, but they haven't been fully renovated to their highest potential. As the next buyer, you have the chance to make substantial upgrades, enhancing the property's appeal and commanding higher market rents. A rare opportunity to own a property that has not been available for purchase in nearly two decades, providing a unique chance to capitalize on its potential growth and appreciation.