One house, one chicken coop, three incomes (#3)

One house, one chicken coop, three incomes (#3)

dup

Features

  • Multi-Family
  • 1800+ Square foot duplex AND 360sf SFD Home on lot
  • 3 bed + 2 bed + 1 bed
  • Traditional MLS purchase from investor

Financials

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  • $67,000 purchase price
  • <$4,000 rehab cost
  • $909 monthly NOI
  • 15.37% ROI
  • $80,000ARV (~$9,000 in net equity after rehab)

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Investment diary

This represents the first multi-family property we’ve purchased. This has been one of the best money making properties purchased in 2014. The property consists of one lot with two homes on it. One home being a duplex containing a 3 bedroom unit along with a 2 bedroom unit. The other home is a single-family detached 1 bedroom home that is extraordinarily small. The only rehab done on the property was the small SFD home that we essentially tore down to the studs, put new drywall & insulation in and put upgraded electric baseboard units.

The former owner had a terrible time renting the small SFD out, however had long term tenants in the duplex. After rehabbing the SFD we haven’t had much of a problem renting it out for $350/month. We’d love to have more small units like this one, however it’s very hard to find anything like it in the area.

On a  very funny note, the SFD property in the back (The small one) appears to be a chicken coop. The property had no insulation in and it was terrible as shown by the photo of the wall with shutters (You know, those wood things on your windows?) shoved in between the walls.

Property photos