Neighborhood: Delavan, Lot 1 Csm 1439, Delavan - C
2 16 unit apartment buildings in the city of Delavan. Tenants pay electric heat. Large 2.8 acred lot. Good investment property. Sixteen 1 bedroom units & sixteen 2 bedroom units. Room for garages. The 4 washers & 4 dryers are leased. Property is in USDA Rural Development Low Income Housing Program. Property is required to stay in this program until 5/7/2036. This program allows renting only to low income tenants. Rents are controlled, Profit is limited to $3,925/yr, must be professionally managed. Purchase: NO NEW LOAN can be taken upon this property. Buyer assumes the present mortgage (approx $100k bal.) and brings CASH to Closing equal to difference between PURCHASE PRICE and MTG BALANCE; eg, $575k. See Documents for details.
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