OVERVIEW
We purchased a duplex as is from a seller, with a problem unit. This was a 2/2 and 3/2 duplex.
At the time of close, the 3 bedroom 2 bath unit was full of junk, dirt and grime. The tenant was behind on rent and has lived there for nearly 20 years without repairs.
Once closed, we emptied the property and demo'ed and got to work.
- New Interior Paint
- New Bathrooms
- New Interior and Front Door
- New Kitchen Counters and Cabinet Paint
- New Floor/Base
- All New Electrical Finishes/Fans/Lights
- All New Trim Carpentry
- New Windows
- New Landscaping and Clean Up
BUDGET
15K
- Unit Rehab & Remodel
215K
- Cost of Purchase/Closing
ROI & OUTCOME
Before
Unit A Income $9600/year
Unit B Income $0/year
After
Unit A Income $9600/year
Unit B Income $14,520/year
Gross Increase $14,520/year
Cost of Improvements $15,000
96.80% Return
Improved Value 320K (Sold in 13 Months)
Net Cost Basis 230K
39.13% Return on Sale
PHOTOS
The larger unit needed heavy cosmetic and other repairs.
