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Rental #3 - Duplex in Salisbury, NC

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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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Salisbury Duplex Blog

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