Only if you can get it for the right price.
While out and about the last few weeks I have been looking at a lot of duplexes in the area. Some of these properties are in better shape than others of course and the trick is to get into one with the lowest amount of $$$ to get the highest return.
While in my search for good deals, I ran across this duplex that has been on the market for about 2 and 1/2 months. Check out the picture I have here and tell me this isn’t the nastiest and ugliest property you’ve seen in a while.
Now why do I bring this one up for consideration..? Well this has been on the market for a while (2.5 months) and when a property is as ugly as this one is, it’s hard for most investors to see the potential here, so that means the asking “price will be soft”
So why do I like this one..?
For starters it’s a 2 bedroom 2 bath unit on each side. Each side also has a fireplace, and the family room along with each bedroom has a sliding glass door to the outside back patio or the side yard.
It is also in a pretty decent, although not a great, location.
In the Video that I have made of this property you will see what I mean.
While each unit has a 1 car garage, who ever owned this in the past decided to add a “covered parking” spot directly in the way of the front door. It just makes this place look awful. The lack of any kind of planning or maintenance of landscaping is also a big negative.
I have the “estimated” cash flow figures here based upon a sales price of $150,000. However, you would have to get this for $100,000 to $110,000 and put about $35,000 to 40,000 more into it in my opinion to get this in a nice “Rent Ready” condition. This would mean you’d also have to work “big time” on the curb appeal and landscaping enhancements.
Click on the links I have provided below that will give you an idea of what the “cash flow” would be “after a fixup” and a “walk through” video where I describe and show what should be done to this property and I think you’ll get your own ideas of what you would potentially do.
Click here for the Estimated Cash Flow figures. Click here for a video walk through that I made.
Note: I started to write this blog yesterday and noticed this morning when I got my MLS updates that this property has a “Pending Sale” status. We’ll keep an eye on it and see if it falls out and if this one does go all the way to sale, I think I’ll come back and visit it and see what the new owners do to get it back into producing rental income.
In the Mean time….? Make it a great day…!!
ED FAVINGER, BROKER, CRS, GRI, SFR email@example.com 916-203-1260
Related articles by Zemanta
- Bank Owned REO Properties Sold Back to Foreclosed Owners (nowpublic.com)
- Four-bedroom duplexes available below $300,000 at new-construction six-flat in Irving Park (chicagonow.com)
- Locks4Reo.com Announces New Payment and Shipping Options (eon.businesswire.com)