A quick turnover (#10)

A quick turnover (#10)

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Features

  • Duplex
  • 2100+ Square feet
  • 2 bed + 2 bed units
  • Distressed investor sale on MLS

Financials

  • $30,000 purchase price
  • <$7,500 rehab cost
  • $708 monthly NOI
  • 22..69% ROI
  • $55,000ARV (~$17,500 in net equity after rehab)

 

Investment diary

It was obvious to us that this property would be a great money maker, however we were not sure how much of one it would be till we were able to have a full inspection. Unfortunately this wasn’t possible during the bidding phase and we took it as-is. The hope was to get in with less than $2,500 of repairs, however we quickly blew past that when a major roof leak was discovered requiring most of the roof ┬áto be replaced.

Even with the unexpected costs we were able to tenant one unit immediately as one unit was in rentable condition at purchase. A little over 2 months into the purchase and the roof is replaced and both units are producing income. We would love to have a dozen of these properties but will take what we can get.

Property photos