14 Locust Street

The duplex that pays you back -- priced with the inspection already in mind. This duplex offers immediate income potential with two units generating a combined monthly rent of $1,840. Let's do this differently. This property has gone under contract twice, but didn't close. So here's the whole story before you ever book a showing: this is a solid circa-1950s duplex. We have done substantial work to solidify roof and water drainage on back of house. The foundation has been inspected and is solid. The finding: normal wear and tear consistent with the age of the structure. No structural failure. (Full documentation handed to any serious buyer on day one.) Now the good part: You can live for around $500 a month. The 2-bedroom unit is on the main floor. The separate entrance 1-bedroom unit is above. Both occupied, both renting under market. Options: Move into the upstairs unit, bring the downstairs to the going Erlanger rate of roughly $1,200-1,250, and your tenant covers nearly your entire payment. On an FHA loan at 3.5 down, that's an out-of-pocket housing cost around $450-500 a month. (At current rents of 1000 downstairs, you're still only 700 out of pocket each month). Renting a comparable one-bedroom in Erlanger costs twice that and buys you nothing. Here, someone else pays your mortgage while you build equity over time. Or, in a few years, you can move out, lease both units at market, and the building pays you instead. This is a value-priced, cash-flowing building for a buyer who can see past old-house bones to young cash flow. At $222,000 that's $111,000 per door, in a city where the median single-family home lists north of $400,000. Minutes from I-71/75, I-275, and CVG. 14 Locust Street. The best deal you can find in Erlanger today.