assignment of contract rights Goldpine Ventures LLC · not a broker listing
1001 W 1st St, Muncie IN 47305
Duplex · seller carry $99,000 @ 2% · $500/mo · $6,000 down · $5,000 agent · $6,000 assignment · $17,000 total entry
1. Deal numbers
| Purchase price | $105,000 |
|---|---|
| Cash to seller (down) | $6,000 |
| Agent fee | $5,000 |
| Assignment fee | $6,000 |
| Total entry (known) | $17,000 |
| Title / escrow | TBD (invoice) |
| Seller note | $99,000 @ 2% P&I |
| Monthly note payment | $500 × 84 mo |
| Residual due month 85 | $68,822 |
| T&I in the $500? | No |
Entry cash = $6,000 down + $5,000 agent + $6,000 assignment = $17,000. Title/escrow invoice is additional when billed.
2. Income (leases + tenant ledgers)
| Apt 1 (lower) — Shelby Grove · thru 5/18/2027 | $875 / mo |
|---|---|
| Apt 2 (upper) — Bennett & Porter · thru 10/29/2026 | $600 / mo |
| Gross rent to landlord | $1,475 / mo |
| Deposits held (transfer at COE) | $1,475 |
| Apt 1 ledger balance (7/29/2026) | $0.00 |
| Apt 2 ledger balance (7/27/2026) | $314.34 due |
PM also collects renter’s insurance ($25 / $32 via Beagle). That is not base rent. MLS said $1,500 — leases + ledgers are $1,475 base.
Ledger takeaways
- Apt 1: $875 rent + $25 insurance charged monthly; paid through including late fees; gas is tenant’s responsibility (lease + ledger).
- Apt 2: $600 rent + $32 insurance; paid regularly Oct 2025–Jun 2026; July arrears open.
- Building gas datapoint from Apt 1 back-bill: $42.03 for 5/23–6/26 (summer/shoulder) — used to anchor gas modeling for Apt 2 (owner-paid).
Ledgers: Apt 1 Grove · Apt 2 Bennett/Porter
3. Who pays utilities (leases)
| Apt 1 | Apt 2 | |
|---|---|---|
| Electric | Tenant | Tenant |
| Gas | Tenant | Owner |
| Water | Owner | Owner |
| Sewer | Owner | Owner |
| Trash | Owner | Owner |
Mowing = owner. Snow = tenant. See 00-WHO-PAYS.md.
4. Landlord monthly cost stack
| Note P&I verified · PSA | $500 |
|---|---|
| Property tax verified · county $1,294/yr | $108 |
| Stormwater SA verified · ~$108/yr | $9 |
| Water (both units) IAW Muncie market model | $70 |
| Sewer (both units) MSD market model | $75 |
| Trash / solid waste Muncie municipal — $0 separate fee published | $0 |
| Water + sewer + trash | $145 |
| Gas — Apt 2 only ledger $42 summer + winter annualize | $70 |
| Hazard insurance est. $1,500/yr until DEC | $125 |
| Fixed total | $957 |
Coverage: rent / note = 3.0× · rent / fixed = 1.5×. CF before reserves ≈ $518/mo · after 5%/8%/8% vac/maint/mgmt ≈ $208/mo. CoC on $17,000 entry: ~37% before reserves · ~15% after. Add title invoice for true CoC.
How the utility numbers were built
- Trash: Muncie Sanitary District provides curbside collection. Public residential rate compilations (utility-rates.com, verified Jul 2026) show $0 separate monthly trash fee in Muncie — trash often funded municipally / may appear only as a line on the combined sanitary bill. Confirm on actual MSD statements.
- Water: Indiana American Water (Muncie). SF average ~$63/mo at ~3.500 gal (IAW tariff + utility-rates). Duplex (owner pays both units) modeled at $70 mid (range $55–95).
- Sewer: Muncie Sanitary District tiered rates. SF benchmark ~$60/mo; duplex modeled at $75 mid (range $60–100).
- Gas (Apt 2 only): Owner line. Building summer datapoint from ledger $42.03/mo. IN heating-season residential gas often $100–150/mo. Annualized model $70.
- Insurance: Still estimate. IN landlord averages ~$1.1k–1.5k/yr SFR; multi/1895 stock higher → $1,500/yr until DEC/quote.
Full source writeup: 00-UTILITY-BENCHMARKS.md
5. Google Drive — all documents
Open full folder (anyone with the link can view)
Key files:
- LEASE — Apt 1 Grove
- LEASE — Apt 2 Bennett / Porter
- Tenant ledger — Apt 1 Grove (to 7/29/2026)
- Home Inspection Report 2026-07-27 (Kyrios / Inspectify)
- 1001 W 1st St - InspectionReport.pdf
- 05_Inspection Report_2026.pdf
- 06_InspectionReport_full.pdf
- Tenant ledger — Apt 2 Bennett/Porter (to 7/27/2026)
- Unit 1 Move-In checklist 2026-01-29
- Purchase Agreement
- Property tax / assessor record
- Numbers sheet
- Utility benchmarks
- Who pays (utilities)
Quick access (root)
- 00-BUYER-NUMBERS-SHEET.md
- 00-UTILITY-BENCHMARKS.md
- 00-WHO-PAYS.md
- README.md
- 01_Apt1_Grove_Tenant_Ledger.pdf
- 02_Apt2_Bennett_Porter_Tenant_Ledger.pdf
- LEASE — Apt 1 Grove.pdf
- LEASE — Apt 2 Bennett-Porter.pdf
- Unit 1 Move-In 2026-01-29.pdf
01-CONTRACT
- 01_Purchase Agreement.pdf
- 02_Purchase Agreement.pdf
- 03_Promissory Note DRAFT.pdf
- 04_Promissory Note DRAFT alt.pdf
03-FINANCIALS
- 00-BUYER-NUMBERS-SHEET.md
- 00-UTILITY-BENCHMARKS.md
- 00-FINANCIALS-WRITEUP.md
- 00-WHO-PAYS.md
- 01_Property Tax Statement_2026.pdf
- 02_MLS Financials and Units.pdf
04-LEASES
- 00-WHO-PAYS.md
- 01_Apt1_Grove_Lease.pdf
- 02_Apt2_Bennett_Porter_Lease.pdf
- 03_Unit1_MoveIn_2026-01-29.pdf
- 04_Apt1_Grove_Tenant_Ledger_2026-07-29.pdf
- 05_Apt2_Bennett_Porter_Tenant_Ledger_2026-07-29.pdf
05-PHOTOS
06-DILIGENCE
- 01_County Property Record Card.pdf
- 02_County Record.pdf
- 03_County Record.pdf
- 04_County Record.pdf
- 05_Inspection Report_2026.pdf
- 06_InspectionReport_full.pdf
07-BUYER-PACKAGE
- 00-BUYER-NUMBERS-SHEET.md
- 00-BUYER-SUMMARY.md
- 00-READ-FIRST.md
- 01-SHORT.md
- 02-MID.md
- 03-LONG.md
- deal.json
08-ADDED
6. Inspection gap — why the 7/27 report is incomplete
Full home inspection: Kyrios Inspection Services via Inspectify · July 27, 2026 · 95 pages · client “Chelle Sey / Subject 2 Success” · license HI02500071.
Headline count from the report itself: 5 repair · 1 monitor · 24 limitation.
This is not a clean bill of health. A large share of the “findings” are access failures, not clean systems. The report documents that major structural and mechanical spaces were not fully entered.
What the inspector could not fully access (report language)
| Area | Report status |
|---|---|
| Finished basement | Cannot inspect — “Area sealed or secured, preventing access” |
| Crawl space | Cannot inspect — “Crawlspace access limited” |
| Attic | Cannot inspect — “Access restricted due to sealed or blocked entry points” |
| Main water supply / shut-off / drain (units 1 & 2) | Repeated No Access |
| Electrical main panel (unit 1) | No Access — brand, location, full branch wiring |
| Water meters | Tag not present / no access |
| Primary bedroom (unit 1) | Limited inspection due to safety concerns |
Back of house / rear structure
The report includes exterior “Back of the House” photo timestamps, so some rear elevation photography happened. That is not the same as a full rear-structure / foundation / basement / service-entry inspection. The structural section still marks basement, crawlspace, and attic as cannot-inspect. For an 1895 building, those voids are where moisture, joists, sewer, and service equipment usually live. Missing them is a material diligence gap.
In plain terms: the inspector did not get a complete walk of the sealed / secured interior structural spaces (basement + crawl + attic). Until someone opens those areas, the 7/27 report cannot speak to foundation condition, underfloor plumbing, or attic envelope in any meaningful way.
What the older Unit 1 report covers (and what it is not)
There is a separate Unit 1 move-in / Happy Inspector report dated Jan 28–29, 2026 (Amy). That packet is a unit turnover checklist, not a NACHI-style whole-house inspection:
- Confirms unit clean, heat on, hot water on, plumbing “good,” appliances working, smoke detectors present, no pests noted.
- Notes utilities on (electric / water / gas), gas heat, electric water heater, owner appliances (electric stove, fridge), lawn = owner.
- Does not systematically open basement, crawl, attic, main panel, or main water service the way a purchase inspection must.
So: the January report is useful as a Unit 1 occupancy condition snapshot and partially covers the lower unit’s living space. It does not replace the missing structural access on the July report. The July report is more detailed where it could walk, but it still leaves basement / crawl / attic and several mechanical access points blank. A re-inspect with access to those areas is still required before treating condition as known.
Repairs the July report did flag (where access existed)
- Damaged siding / trim
- Damaged gutter / downspout
- Damaged soffit
- Damaged window screen
- Damaged shingles; roof height limited roof-level photos
- Deteriorated chimney brick mortar
- Unit 2 bath — exhaust fan not present
- CO detector type not present (unit 1 note)
Investor takeaway
Price the deal on paper (leases + note), not on a “passed inspection.” Budget a second walk with keys to basement / crawl / attic / panels / shut-offs. Use the January Unit 1 checklist only as soft evidence that the lower unit was operable at move-in — not as structural clearance.
7. Open items
- Hazard insurance DEC / binder quote (sheet uses $1,500/yr model)
- 3–6 months actual Indiana American Water + Muncie Sanitary District bills (confirm water/sewer and any refuse line)
- Apt 2 gas account history (CenterPoint / local gas)
- Title invoice (cash above $17,000 entry)
- Tax payoff certificate (county historically showed open balances)
- Apt 2 ledger cure of $314.34 (or credit at assignment)
- Re-inspect: basement, crawl, attic, main panel, main water shut-off (see §6)
Goldpine Ventures LLC holds an equitable interest under a purchase agreement and markets assignment of contract rights. Not legal, tax, or investment advice. Verify every figure independently. Utility lines marked “market model” are public-rate benchmarks until actual bills are in hand.