2.58 Acres in Elkhorn, WI - $655,000
32 unit apartment complex in Elkhorn. 16-1 bedroom, 14-2 bedroom, 2-3 bedroom units. Tenants pay electric heat. Large 2.5 acre lot. 4 washers and 4 dryers are leased. Property is in the USDA Rural Development Low Income Housing Program. Property is required to stay in the RD program until 12/6/2033. This RD program allows renting only to low income tenants. Rents are controlled. Profits limited to $3,304 per year. Must be professionally managed. Purchase: NO NEW LOANS can be taken on this property. Buyer assumes current mortgage of (approx. $17K balance) and brings cash to closing equal to difference between purchase price and mortgage balance. See documents for details.
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