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 · cash to seller $6,000 · agent $3,150
1. Deal numbers
| Purchase price | $105,000 |
|---|---|
| Cash to seller (down) | $6,000 |
| Agent commission | $3,150 |
| Cash due (known) | $9,150 |
| 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 |
Source: executed PSA. Assignment fee not used on this sheet.
2. Income (from leases)
| 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 (transfer at COE) | $1,475 |
PM also collects renter’s insurance ($25 / $32). That is not base rent. MLS said $1,500 — leases are $1,475 base.
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 | $500 |
|---|---|
| Property tax (2025 pay 2026 = $1,294/yr) | $108 |
| Stormwater SA (~$108/yr) | $9 |
| Water + sewer + trash (both units) | ~$100 confirm bills |
| Gas — Apt 2 only | est. need bill |
| Hazard insurance | est. need DEC |
Coverage: rent / note = 3.0×. CoC on $9,150 depends on gas + insurance quotes + title invoice.
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
- Home Inspection Report 2026-07-27 (Kyrios / Inspectify)
- Unit 1 Move-In Inspection 2026-01-29
- Purchase Agreement
- Property tax / assessor record
- Numbers sheet
- Who pays (utilities)
Quick access (root)
- 00-BUYER-NUMBERS-SHEET.md
- 00-WHO-PAYS.md
- README.md
- LEASE — Apt 1 Grove.pdf
- LEASE — Apt 2 Bennett-Porter.pdf
- Unit 1 Move-In Inspection 2026-01-29.pdf
- Home Inspection Report 2026-07-27.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-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
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
- Actual water / sewer / trash bills; Apt 2 gas bill
- Title invoice (cash above $9,150)
- Re-inspect: basement, crawl, attic, main panel, main water shut-off
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.