Mammoth Foreclosure of The Week 169 Lupin St.

This is something different in the REO world…. This is the “classic” Mammoth fourplex that was very typical of the early 1990’s. I sat on the ML Planning Commission during that period and we had public hearings on many of these buildings/developments. There were numerous issues pertaining to density, setbacks, etc. but the Town was eager to see these types of housing units built. Today, they remain very popular rentals units because of the wood stove heating and the gas forced air heating. They also have side-by-side washer and dryer locations in the unit. And garages! This property has one 2 bedroom / 2 bath unit on the ground floor and the second floor units are all 2/1s. Typically the landlords rent the garages on an “as needed” basis to the tenants. Typical rents for these units run $1,100 to $1,200 per month. If you ask for more you will have turnover. Otherwise, the lower rents will keep tenants around for years. This property is vacant and needs some work, probably a new roof, definitely paint and carpet/flooring in the units, some miscellaneous carpentry, and some exterior stain/sealing. “It is what it is.” In this era of investors chasing income and property’s that have the potential to produce it, I’ll bet this has multiple offers…¬†Priced at $435,750.

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