
Patrick Menefee
Rental #3 - Duplex in Salisbury, NC

Sold! Estimated Profit - $40,473
There's a lot of pride in this duplex...one unit was updated by the previous owner, the other needed quite a bit of work. Most of the work was done myself with the rest hired out to contractors, so when the unit I updated rented almost immediately it was a definite confidence boost!
Both of these units are relatively large - one unit is a 3br/1ba, the other is 2br/1ba, and the duplex is a combined 2,200 sqft. It's located in an area that has begun to turn, which presented a fantastic opportunity as prices went up! It ended up making more sense to sell the property and realize the massive equity growth we'd experienced rather than continue to collect modest monthly cash flow. It was a great deal!
PURCHASE DETAILS
List Price: $105,000
Purchase Price: $92,000
Closing Date: December 27, 2019
Source of Deal: MLS
Funding Source: Conventional
Size: 2,155 sqft
Estimated Rehab Cost: $8,000
Estimated ARV: $105,000
Bed/Bath: 5br/2ba
SALE DETAILS
Sale Price: $165,000
Sale Date: December 17, 2020
Estimated Profit: $40,473
Total Rehab: $16,110
PICTURES
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