826 Michigan ave
7-Bedroom Student Duplex | $4,025 Gross Potential | Land Contract Financing Available
Marketing description
Prime Student Housing Opportunity | Seller Financing Available | Steps from YSU
Unlock the full potential of student housing with 826 Michigan Avenue, a high-yield duplex strategically located in the heart of the Youngstown State University (YSU) rental corridor. Optimized for the profitable rent-by-the-room model, this 7-bedroom property is perfectly positioned for an investor looking to secure a stabilized, high-performing asset before the fall semester begins.
SELLER FINANCING OPPORTUNITY: To assist with portfolio expansion, the owner is open to Land Contract offers. Terms include 10% down, 8% interest, and a 5-year balloon payment. Interested parties must submit a written Letter of Intent (LOI) outlining their proposed terms prior to a formal Purchase Agreement.
The Financial Opportunity Currently, the property generates steady baseline income, but the true value lies in its 7-bedroom capacity. With a market rate of $575 per bedroom, this asset is poised to generate a Gross Monthly Income of $4,025. To ensure a seamless transition for the new owner, the current management has a pipeline of student applications ready for processing, aiming for 100% occupancy by the July/August move-in window.
This property currently has an existing mortgage of $147,500. To help make this deal work for the right investor, the seller has the ability to pay the property balance down to $94,500. Take advantage of this seller flexibility to secure a better financial position on your investment.
Designed for Tenant Success Built for convenience and community, each floor features its own dedicated kitchen and full bathroom. The property includes a shared basement laundry area, ample off-street parking, and extensive storage options for both tenants and the owner via the basement and on-site shed.
Lean Operations & Peace of Mind Investors will benefit from predictable, low-overhead financials. Based on previous full-occupancy performance, monthly expenses average just $764—a figure that comprehensively covers all utilities, high-speed internet, and lawn care, while maintaining a proactive $200 monthly repair reserve. Major structural updates include a durable metal roof (installed under 5 years ago) and effective waterproofing.
Unbeatable Location Success in student housing is driven by location. 826 Michigan delivers:
- Effortless Transit: The YSU Penguin Shuttle picks up directly in front of the building.
- Walking Distance: Both the YSU campus and Wick Park are less than a 10-minute walk away.
Investment highlights
- Massive $4,000+ Gross Monthly Potential: Optimized for a rent-by-the-room model, this 7-bedroom asset is poised for significant cash flow with established market rents at $575 per room.
- Mortgage Pay Down: Current mortgage is $147,500. The seller can pay this down to $94,500 for the buyer.
- Flexible Seller Financing Available: Owner is open to Land Contract offers (10% Down, 8% Interest, 5-Year Balloon). Skip traditional bank delays and secure this asset before the Fall semester.
- Ready-to-Close Pipeline: The owner currently holds multiple student applications for the upcoming semester, offering a clear path to 100% occupancy by July/August.
- Strategic Fall Semester Positioning: Perfect timing for an investor to acquire the asset and have it fully stabilized for the start of the academic year.
- Low-Maintenance Exterior: Features a durable metal roof installed within the last 5 years and effective waterproofing, minimizing near-term capital expenditure.
- Predictable Lean Expenses: Streamlined monthly overhead of just $764 at full occupancy, including utilities, internet, and a dedicated $200 repair reserve.
- Unrivaled Student Transit: Prime location with the YSU Penguin Shuttle stopping directly in front and a sub-10-minute walk to campus and Wick Park.
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