109 W Madison Street
Property Description
Excellent investment opportunity in the heart of Philo! This income-producing property offers over 2,000 square feet and has been successfully operated as a duplex for many years. Currently configured as two 2-bedroom, 1-bath units, the home also offers the potential to be converted back into a single-family residence by reopening the interior staircase to the second floor. The upper unit, accessed by a private exterior staircase, features updated paint, an updated bathroom, and an updated kitchen area, while the spacious main-level unit is occupied by long-term tenants. A shared laundry area is located in the basement, and both residential leases extend through April 2027, providing immediate rental income. Additional income is generated by a detached 3-car garage and a separate 1-car garage, both currently leased as storage units. The property features an updated septic system with city water service, a roof replaced by the current owner, separately metered electric service, shared water and gas that are billed back to the tenants, a large welcoming front porch, rear tenant parking, and a common outdoor area perfect for relaxing or grilling. Being sold as is, this handyman special offers outstanding investment potential with multiple possibilities in a desirable small-town community.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $165,000 |
| Year Built: | 1880 |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 3 |
| Number of Bathrooms: | 2 |
ID: 3yd-MREDIL-12775415
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