Company Description
This property is a fully occupied & recently renovated Duplex located in Silvis, Illinois in the Quad Cities. The renovations were completed in the Summer of 2021.
Lower Unit: Tenant moving out on 10/15/2022. The tenant agreed to an Early Lease Termination and will pay a fee equal to 3 months’ rent ($2,700).
Upper Unit: 1 year lease from 08/03/2021 - 08/02/2022 paying $750/month. Security deposit is $750.
The maintenance reserve will be increased by $800 to treat the property for termites immediately post-closing. See the Termite Report in the 'Documents' tab for more details.
Refer to the 'Documents' tab above to view the following information plus more:
Purchase Agreement
HouseCanary Agile Evaluation
Inspection report
Inspection report repairs
Rent roll
Lease Agreement
Sales price history
Termite report
Our A.I. does not have enough data for this property to make an accurate forecast of the future appreciation. Because of this, we are not projecting that this property will rapidly appreciate. The projected appreciation of 4.67% is determined by taking the average of HouseCanary's 3 year appreciation projection for the zip code.
Updates:
Update 9/8/2022: The tenants in the downstairs unit have submitted their notice to move out on 9/30. The tenants are moving due to a neighbor on the street that has been making them feel uncomfortable living there. The Property Manager does not believe there is anything illegal happening, or even anything that the PM would be able to control. The PM confirmed that the owners will retain the Security Deposit due to the Early Lease Termination. The PM is also working on two options for an Early Lease Termination Agreement with the tenant. Option 1: The tenant will forfeit the deposit, be responsible for the tenant placement fee, and rent & utilities until the new tenant moves in. Option 2: The tenant will be charged an early termination fee equal to 3 months’ rent ($2,700) $2700)and refunded the pro-rated rent for September if they vacate before the 30th. The security deposit would be handled as if they fulfilled the terms of the lease. Any damages, cleaning, etc would be deducted from the deposit. The PM advised that if the tenant chooses Option 2, that owners most likely will come out ahead, as owners are not obligated to refund any part of the fee, even if a new renter moves in sooner than the 3 months. The PM will complete a move-out inspection and provide market rent after the tenant moves out.
Update 10/13/2022: Lower Unit: The tenant has agreed to the Early Lease Termination (Option 2) and will pay a fee equal to 3 months’ rent ($2,700). The move out date is scheduled for 10/15 and the rent will be prorated until the move out date. There is a Security Deposit of $900 and will be applied to any repair charges owed by the tenant after move-out. You will continue to receive daily rental income via the Early Termination Fee until a new lease begins. Any additional funds left over will be added to the property's Vacancy Reserve.
