4-PLEX ON HADLEY

Location: Property is located at 3426-3442 Hadley Street NE, Salem, Marion County, Oregon, 97301, and has a tax account number of R90250. It is bordered on the west side by Hadley Street, which is a very quiet dead end street located approximately one block north of Silverton Road.

Land: Property is a city lot measuring 100 feet deep by 70 feet wide and contains 7000 square feet.

Zoning: Property is zoned multi-family residential.

Improvements: 4-plex was built in 1971. The units are flats, all being 2 bedroom units, complete with roomy kitchens, nice sizes bedrooms and washer/dryer hook-ups. The building, which was remodeled during the spring of 2008, had the following improvements completed: New vinyl windows and exterior doors; repainted inside and out; new cabinets, interior doors and trim; all new plumbing and light fixtures; new carpet and vinyl; and finally, new appliances (ranges, refrigerators and dishwashers). Carports for four cars have been painted and the asphalt driveway resealed.

Disclosures: One of the owners of this property, Jon Fields, is a licensed real estate broker in the State of Oregon.

Remarks: The units are rented and managed by the owner. The following are the actual income and expenses for the 2009 tax year:

Actual rent 2009 @ $625 per month x 4 units x 12 months $29,096
Projected vacancy and credit loss $ 0
Projected expenses
Real Property Taxes $ 3,358
Utilities $ 2,607
Insurance $ 731
Management $ 0
Maintenance $ 1,374
Gross expenses $ 8,070
Net Operating income, 7.8% cash-on-cash $21,016

While the sellers still have a few small repairs to complete the remodeling previously completed was very well done. The owners believe that this property should go for several years with only minor maintenance needing to be done.

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