226 E Washington St Rensselaer, IN 47978
Estimated payment $3,289/month
Highlights
- Downtown View
- Corner Lot
- Forced Air Heating and Cooling System
- Van Rensselaer Elementary School Rated 9+
- Covered Patio or Porch
- ENERGY STAR Qualified Windows
About This Home
***Investment Opportunity*** ***Immediate Passive Income***Great opportunity to expand your real estate portfolio with this completely remodeled 4 unit. Enjoy the benefits of passive income for years to come! Every inch of this property has been remodeled with quality work, craftsmanship, and high end materials and finishes, including spray foam insulation, energy star windows, high efficiency HVAC systems and MORE. Located in the heart of Rensselaer's business district, tenants can walk to work, the pharmacy, the local restaurants, and more. Unit makeup consists of 1- 2 bed/ 1 bath, 2- 2 bed/ 2 bath, and 1- 1 bed/ 1 bath with loft space. Gross rents total $55,000 annually, owner pays taxes, insurance, ground maintenance and snow removal. Tenants pay ALL utilities. With over an 8% cap rate when fully rented, this investment opportunity awaits its new beneficiary! Call an agent today!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,165
Year Built
- Built in 1906 | Remodeled
Lot Details
- 0.25 Acre Lot
- Corner Lot
Parking
- Common or Shared Parking
Home Design
- Quad-Level Property
- Block Foundation
Interior Spaces
- ENERGY STAR Qualified Windows
- Blinds
- Downtown Views
- Basement
Kitchen
- Microwave
- Dishwasher
Laundry
- Laundry in unit
- Dryer
- Washer
Home Security
- Carbon Monoxide Detectors
- Fire and Smoke Detector
Outdoor Features
- Covered Patio or Porch
Utilities
- Forced Air Heating and Cooling System
- Heating System Uses Natural Gas
Listing and Financial Details
- The owner pays for grounds care, taxes, snow removal, repairs, insurance
- Assessor Parcel Number 370730020017209027
Community Details
Overview
- 4 Units
- City/Rensselaer Subdivision
Building Details
- Gardener Expense $1,500
- Insurance Expense $2,496
- New Taxes Expense $2,400
- Gross Income $55,000
- Net Operating Income $48,604
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 12/17/2024 12/17/24 | For Sale | $599,000 | -- | $161 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | None Listed On Document | |
| Warranty Deed | $1,000 | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $51,000 | Credit Line Revolving | |
| Closed | $26,000 | New Conventional | |
| Open | $152,000 | Credit Line Revolving | |
| Closed | $390,000 | Credit Line Revolving |
Source: Northwest Indiana Association of REALTORS®
MLS Number: 814093
APN: 37-07-30-020-017.209-027
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Copyright 2025 MuItiple Listing Service of the Northwest Indiana Realtors Association Multiple Listing Service (NIRA MLS). All rights reserved. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
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