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 (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 $9,150: ~68% before reserves · ~27% 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)
- 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
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. 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 $9,150)
- Tax payoff certificate (county historically showed open balances)
- Apt 2 ledger cure of $314.34 (or credit at assignment)
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.