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221 E. Market St.
BURLINGTON, WISCONSIN
The Only Two-Family Home Opportunity in Burlington, WI
Offered at $390,000, this his two-family home has 3 levels, is 1,232 Sq Ft per unit and offers 3-bedrooms and 1.5 baths. Unit 1 is completely updated featuring all new vinyl flooring, new doors, updated kitchen and bathrooms, a large new patio with fire pit and a newly finished lower level with a kitchenette that can easily serve as a 3rd living area. Unit 2 has investment potential; tenant occupied leased on February 1, 2024, at $1,250/month until March 1, 2025.
Living Room
Kitchen
Patio
Living Room
1/10
Located directly across the Karcher Middle School soccer field, 1 mile from downtown Burlington, 1.5 miles from Burlington High School, and 1.5 miles from Echo Lake this is a great location for biking your away around the area. 39 minutes (31 miles) from Milwaukee Mitchell International Airport.
Located in privacy but minutes away from downtown makes it a great property as a Short Term Rental. Only 18 minutes away from Lake Geneva, brings many tourists and visitors to the area with some needing a place to stay for a while.
Zen Airbnb is priced competitively at $200/night with a 2 night booking minimum. A 2 night booking with a $80 cleaning fee and a $14.40 (3%) Airbnb service charge, yields you a $465.60 deposit. Listings in Burlington, Wisconsin range between $151-$353/night with the average being $252/night.
Grow This Cash Flow
The main and upper levels of Unit 1 are currently listed on Airbnb averaging $2,617/month between May 1-Nov 1 (6 Months). Rights to the Airbnb and Unit 1 furniture are included with the property.
Monthly expenses include:
• $145/month We Energies bill
• $86.99/month Spectrum bill
• $205/month Lawn Care bill
Extra expenses to be aware of include:
• Hand & dish soap, toilet paper, laundry detergent, paper towels, toilet bowl cleaner, garbage bags, stainless steel, glass, and carpet cleaners, and sponges.
Unit 2 Remodel Estimate
Main Level | $9,500-$22,000
Flooring | $2,000-$3,500+
The main level has precisely 508 square feet. At $4 per sq ft it would cost approximately $2,164.86 after tax assuming $76/case with 19 sq ft per case. At $6 per sq ft it would cost approximately $3,247.29 after tax assuming $114/case with 19 sq ft per case.
Light Fixtures | $100-$400+
There are 4 fixtures on the main level excluding the bathroom which can range between $25 per fixture on the lowest range to $100-$250 per fixture for a upper middle range fixture. Higher quality fixtures can reach hundreds of dollars but the minimum acceptable price for a fixture for this property and location would be around $100 per fixture as with the rest of the estimates.
Bathroom | $350-$1,500+
There is roughly a 30" vanity in the half bathroom, one toilet, a mirror, and a light fixture. Toilets and vanities can range up to $600 on the higher end for the maple cabinet and quartz sink while a bidet can reach $600-$6,000+. Mirrors can range from $75-$250.
Kitchen | $6,500-$15,000
The cabinetry could range between $100-$250 per cabinet to $350-$500+ per cabinet on the upper middle end. The countertop could be at the low end $2,250 for 16' (2 x 8') butcher blocks. A quartz countertop could be triple or quadruple the price. A quartz or stainless steel sink can range between $150-$400 with the faucet landing between $100-$300. A stainless steel refrigerator can range between $1,000-$3,000 with just 2 doors at the minimum. A range can range between $500-$1,000. An over the range microwave can cost between $200-$500.
Extra | $550-$1,750+
There are 2 interior doors which can range between $100-$250 per door and $300-$1,000 for an exterior door. There is approximately 96' of base moulding for around $150-$500 at $1.50-$5/linear foot.
*I did not include screws, nails, cabinet pulls, caulking, door hinges, door knobs, toilet paper holder, hand towel hanger, grout, paint, vent covers, curtain poles, TV & TV mount, light bulbs, outlet covers, light switches, or receptacles. I also did not include moulding for the windows and doors which may be between 50'-150'+.
More Information
Defects
A home inspection was done on the property recently and all defects are known.
Appraisal
A cash-out refinance appraisal valued the home at $420,000 in July.
Estimate
Reach out for a complete estimate for a remodel or certain projects.
This is a great opportunity to start investing in real estate and building wealth. Feel free to contact me for any more information about the property.
GLOBAL REAL ESTATE ADVISOR
I am a local real estate agent residing and working out of Lake Geneva, WI. Growing up in Walworth and working in residential construction on and around Geneva Lake I developed a diverse skill set that allowed me to help guide people through the real estate market in Walworth County. I am a strong advocate for homeownership. I will work hard to help you maneuver the current real estate market so that you can own property, build wealth, and gain freedom; so I can help you achieve The American Dream.
WHAT IS THE VALUE OF MY HOME?
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