Fix & Flip OR Cashflowing Duplex
Both sides currently occupuied on month to month leases
Description:
This property is currently outfitted as a cash flowing duplex with a NEW roof, plumbing, and breaker boxes for electrical! Converting this property back to a single family home looks like a faster and more profitable strategy. The property only has 1 meter (outfitted for 2, but only 1 active meter). The neighborhood this deal resides in has many similar SFH builds that serve as great comps. Simply combine these two units and recognize a HUGE spread for profit from a flip standpoint!
This property consists of a 1/1 and a 2/1, BOTH units currently generating good rental rates of $770/month and $900/month (beats the %1 rule!). This property provides very SIMPLE layouts with long term month-to-month tenants.
Whether a buy and hold, flip, or mix of the two, this multifamily property has tons of potential to be a great investment!
Numbers:
Fix & Flip:
Price: $135K
Rehab: $70K
ARV: $295K
Rental:
Price: $135K
AS-IS CURRENT RENT: $1,670/MONTH TOTAL
Comps:
Sold Comps (Fix&Flip):
609 W Hollywood - 3/2, 1205 Sqft, sold for $315K (8/02/2024)
930 W Elsmere Pl - 3/2, 1310 Sqft, sold for $312K (07/01/2024). Lived in rehab, not fresh.
912 Fulton Ave - 3/2, 1263 Sqft, sold for $293K (08/23/2024). Lots of original parts of the home kept, not a full rehab.
Rental Comps:
803 W Rosewood Ave #1 - 1/1, 550 sqft rented for $825 per month (5/8/24)
703 W Summit Ave #2 - 1/1, 520 sqft rented for $750 per month (6/3/24)
905 W Lynwood Ave #4 - 1/1, 476 sqft rented for $695 per month (1/7/24)
Duplex Comps:
915 Fulton Ave - 1,340 sqft duplex with a 1/1 and 2/2, both units vacant. This was a renovated property that spent 109 DOM. Sold for $285K after closing costs. (10/12/23)
1112 W Elsmere Pl - 1,108 sqft duplex with a 1/1 on both sides. Both units occupied bringing in $2,100 each per month.This property was renovated and spent 135 DOM (Was overpriced, then sold in less than 2 months after price changed). Sold for $275K after closing costs. (5/22/24)
1127 W Gramercy Pl - 1,032 sqft, 2/1 single family home. This property was renovated and spent 105 DOM. If the subject property was converted to single family home it would be over 100 sqft bigger and have a full extra bathroom. Sold for $261K after closing costs. (1/12/24)
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