Online Only Bank Owned Investment Properties

Fort Madison, Iowa Bank Owned Real Estate Auction

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Brief Description

SOLD!!

1: 419/421 Ave D: $16,250

2: 415 Ave E: $43,250

3: 507 Ave E: $6,500

4: 510/512 Ave E: $41,750

5: 608/610 Ave E: $51,000

6: 1323/1325 Ave G: $30,750

7: 1201 Ave G: $7,500

8: 1111 Ave G: $34,250

9: 3203 Ave H: $44,250

Auction Schedule

Online Bidding Only

Began: Monday, June 29, 2020 at 5:00 PM CDT

Ended: Thursday, July 23, 2020 at 1:00 PM CDT

Inspection

Began: Sunday, July 05, 2020 at 1:00 PM CDT

Ended: Sunday, July 05, 2020 at 2:00 PM CDT

Location 419/421 Ave D, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 1:00 PM CDT

Ended: Sunday, July 05, 2020 at 2:00 PM CDT

Location 415 Avenue E, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 2:15 PM CDT

Ended: Sunday, July 05, 2020 at 3:15 PM CDT

Location 507 Avenue E, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 2:15 PM CDT

Ended: Sunday, July 05, 2020 at 3:15 PM CDT

Location 510/512 Avenue E, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 2:15 PM CDT

Ended: Sunday, July 05, 2020 at 3:15 PM CDT

Location 608/610 Avenue E, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 3:30 PM CDT

Ended: Sunday, July 05, 2020 at 4:30 PM CDT

Location 1323/1325 Avenue G, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 3:30 PM CDT

Ended: Sunday, July 05, 2020 at 4:30 PM CDT

Location 1201 Avenue G, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 3:30 PM CDT

Ended: Sunday, July 05, 2020 at 4:30 PM CDT

Location 1111 Avenue G, Ft Madison, IA 52627

Inspection

Began: Sunday, July 05, 2020 at 3:30 PM CDT

Ended: Sunday, July 05, 2020 at 4:30 PM CDT

Location 3203 Avenue H, Ft Madison, IA 52627

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Details

ONLINE ONLY BANK OWNED INVESTMENT PROPERTIES AUCTION

FORT MADISON, IOWA

9 INVESTMENT PROPERTIES INCLUDING: SINGLE FAMILY RESIDENCES, DUPLEXES, TRI-PLEXES & 4-PLEX APARTMENT BUILDINGS SELLING AT ABSOLUTE AUCTION, REGARDLESS OF PRICE! 

BIDDING ENDS: THURSDAY, JULY 23RD AT 1:00 PM 

OPEN HOUSE/INSPECTIONS: SUNDAY, JULY 5th

**Please read carefully below for the scheduled times of each property. You will want to make every effort to attend the open house date because many of the units are occupied and there may not be another time to view them!**

 

Parcel 1: 419/421 Avenue D, Fort Madison, IA

Open House/Inspection: Sunday, July 5th from 1-2:00 P.M.

  • Side by side 2-story duplex with full basement.   Each unit has 2 bedrooms, one unit has 1 bath and the other unit has 1 ½ baths. Basement is zoned to each unit with dividing wall and each unit has a newer GFA furnace.
  • All utilities are metered separately and paid by the tenants.
  • Currently 1 unit is leased at $550 per month.
  • Property taxes = $1,198.00

Parcel 2: 415 Avenue E, Fort Madison, IA

Open House/Inspection: Sunday, July 5th from 1-2:00 P.M.

  • 2-story 4-plex with full basement. Each unit has 2 bedrooms, 1 bath. Gas boiler and 2 gas water heaters. Radiant heat throughout.  Unit #1 is much larger than the other apartments, has a great room with fireplace and central air.
  • 4-stall garage.
  • The electric is metered by unit and paid by the tenants.  Gas and water are combined and paid by the landlord.
  • Currently units # 2 & 3 are leased at various rates with a monthly income of $1,200.  Unit # 1 is also leased and in lieu of rent, the tenant pays for the building’s gas and water.
  • Property taxes = $2,318.00

Parcel 3: 507 Avenue E, Fort Madison, IA

Open House/Inspection: Sunday July 5th from 2:15-3:15 P.M.

  • 2-Story tri-plex. Large main floor 2 bedroom, 1 bath apartment with fire places and central air. 2 upstairs 1 bedroom, 1 bath apartments. Full basement with gas boiler. Radiant heat throughout.
  • Very nice hardwood floors throughout the building.
  • 3 car garage.
  • The electric is metered by the unit.  Gas and water are combined.
  • Each unit is currently vacant.
  • The seller has been notified by the Lee County Health Department that there are lead based paint hazards located at this property.
  • The seller has been notified by the City of Ft Madison that there is a nuisance at this property and it needs to be addressed.
  • Property taxes = $1,488.00 

Parcel 4: 510/512 Avenue E, Fort Madison, IA

Open House: Sunday, July 5th from 2:15-3:15 P.M.

  • 2-story 4-plex with (4) 2-bedroom, 1 bath apartments.  Several of the apartments have newer flooring and many vinyl replacement windows. Full basement with gas forced air furnace for main floor units, attic has gas forced air furnace for second floor units.
  • 4 car garage
  • The electric is metered by unit and paid by the tenants.  Gas and water are combined and paid by the landlord.
  • Currently 1 unit is rented at $550.00 per month.
  • Property taxes = $1,774.00

Parcel 5: 608/610 Avenue D, Fort Madison, IA

Open House/Inspection: Sunday July 5th from 2:15-3:15 P.M.

  • 2-story 4 plex with (4) 2-bedroom, 1 bath apartments with radiant heat. Full clean basement for tenant storage and gas boiler. Radiant heat throughout. Vinyl replacement windows throughout the building.
  • 4 car garage.
  • The electric is metered by unit and paid by the tenants.  Gas and water are combined and paid by the landlord.
  • Currently all four units are leased at various rates with a monthly income of $2,300.
  • The seller has been notified by the Lee County Health Department that there are lead based paint hazards located at this property.
  • Property taxes = $1,318.00

Parcel 6: 1323/1325 Avenue G, Fort Madison, IA

Open House: Sunday, July 5th 3:30-4:30 P.M.

  • Nice brick side by side 2-story duplex.  Each unit has 2 bedrooms and 1 bath. Very spacious with hardwood floors. Full basement for tenant storage, laundry and independent GFA furnaces with central air & water heaters. New vinyl windows throughout.
  • All utilities are metered separately.
  • Both units are currently vacant.
  • Property taxes = $1,482.00

Parcel 7: 1201 Avenue G, Fort Madison, IA

Open House: Sunday, July 5th 3:30-4:30 P.M.

  • 2-story up and down duplex situated on a corner lot with garage.  Each unit has 2 bedrooms and 1 bath with radiant heat. ¾ basement with boiler (services both units) and water heater.
  • The electric is metered by the unit.  Gas and water are combined.
  • Both units are currently vacant.
  • Property taxes =$1,056.00

Parcel 8: 1111 Avenue G, Fort Madison, IA

Open House: Sunday, July 5th 3:30-4:30 P.M.

  • Spacious 2-story 3 bedroom, 1-3/4 bath residential home with 1,636 sq. ft. of living area. Newer kitchen, newer entry doors, several vinyl replacement windows and full basement with energy efficient GFA furnace w/central air and gas water heater.
  • The home is currently vacant.
  • Property taxes = $568.00 

Parcel 9: 3203 Avenue H, Fort Madison, IA

Open House: Sunday, July 5th 3:30-4:30 P.M.

  • 1-story 2-bedroom, 1 bath residential home with 1,042 sq. ft of living area. Some original hardwood floors, floored walk up attic, full basement and situated on a corner lot with detached 2 car garage. Gas forced air furnace with central air and gas hot water heater.
  • Currently the property is leased at $600 per month with the tenant paying all utilities. This tenant has been in the property more than 10 years.
  • Property taxes = $1,582.00

Auctioneer’s Note: This will be an excellent opportunity to build your investment portfolio. Come take a look at all these properties and Bid Your Price!! We strongly encourage all interested parties to attend the open houses! Auction will be conducted online only, whereas each bidder can conveniently bid with an electronic device from anywhere!

Terms: Each parcel will require a $4,500 earnest money deposit at the end of the auction with the remainder due on or before August 24, 2020. The seller will provide a current abstract of each parcel at their expense. Real estate sells “as is, where is”. Sale is not contingent on Buyer’s financing, inspections, final walk throughs or any other contingencies.

Real Estate Taxes: Taxes will be prorated to the date of closing.

Closing: Closing will take place on or before August 24, 2020. The balance of the purchase price will be payable at closing in the form of guaranteed check or wire transfer. 

Possession: At closing upon payment in full. When applicable the real estate is selling subject to tenants’ rights.

Rent Payments & Deposits: Apartments are rented at various rates on a month to month basis. Rent payments are due at the beginning of each month and will be prorated to the date of possession for all units that are current on rent payments.  There will be NO transfer of any rent deposits.

Inclusions: All occupied units are furnished with a refrigerator and electric stove. Any other appliances in the occupied units (i.e. window AC units, freezers or washers and dryers along with furniture & personal property) belong to the tenants.  Buyer(s) accept any remaining personal property and debris in any of the properties at closing.

Rental Permits: It will be the sole responsibility of the Buyer(s) to apply with the City of Fort Madison for any rental permits and to adhere to the City of Fort Madison Rental Housing Inspection Program.

 

Auction Method: This is a soft close auction. Any bid placed in the final 3 minutes of an auction results in the auction automatically extending an additional 3 minutes. The bidding will extend in 3 minute increments from the time the last bid is placed until there are no more bids and the lot sits idle for 3 minutes. Therefore, the auction will not close until all biding parties are satisfied and no one can be outbid in the last seconds without having another opportunity to bid again. Lot 1 is set to close at 1:00 PM (if there are no extensions), Lot 2 will close 3 minutes later, with an additional lot closing every 3 minutes- if there are no extensions.  The extensions of bidding may cause lots to close out of order.

 

 

www.FraiseAuction.com

Fraise Auction & Real Estate

PO Box 8, New London, IA 52645

319-367-5744

Gallery: Parcel 1: 419/421 Avenue D

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Gallery: Parcel 2: 415 Avenue E

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Gallery: Parcel 3: 507 Avenue e

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Gallery: Parcel 4: 510/512 Avenue E

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Gallery: Parcel 5: 608/610 Avenue e

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Gallery: Parcel 6: 1323/1325 Avenue G

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Gallery: Parcel 7: 1201/1201 1/2 Avenue G

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Gallery: Parcel8: 1111 Avenue G

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Gallery: Parcel 9: 3203 Avenue H

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Fraise Auction & Real Estate

http://fraiseauction.com/

205 N Cottonwood NEW LONDON, IA 52645

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