A long-term second duplex (#5)

A long-term second duplex (#5)

DSC_0138 (Small)

Features

  • Multi-Family
  • 3200+ Square foot duplex
  • 3 bed + 3 bed units
  • Traditional MLS purchase from investor

Financials

  • $36,500 purchase price
  • <$10,000 rehab cost
  • $750 monthly NOI
  • 19.33% ROI
  • $70,000ARV (~$23,500 in net equity after rehab)

Investment diary

Unfortunately this property was put on the back burner to work on other properties. Due to this it is still in rehab and is scheduled for completion quite soon. This is due to a very large water leak, very similar to property #4 requiring the sidewalks to be dug up.

We finally did put a temporary tenant in it as of January 2015, to do a transition to property #12 which meets their needs a little better. We do think this will be done and rented out by Feb 1st 2014. A full 10 months after purchase.

Photos (Some pre-rehab and some post)