
Patrick Menefee
Rental #2 - 3x Duplexes in Statesville

Current cash flow - $1,000/mo
The second came right after the first and is a unique opportunity - three duplexes situated on a single property. Each unit is a small 1br/1ba with 500sqft of living space with each unit currently rented out.
Rehab was minimal, almost non-existent, but the real value add came from subdividing the lot! What started as a plan to make financing easier ended up unlocking enormous value in the property.
By subdividing the property into 3 separate lots, each is now an individual duplex which opens up the pool of buyers and owners significantly, which increases the value! Our refinance allowed us to identify a $100,000 gain in equity, and tap into $72,000 of the equity to use in other flips.
PURCHASE DETAILS
List Price: $180,000
Purchase Price: $155,000
Closing Date: September 20, 2019
Source of Deal: MLS
Funding Source: Commercial
Size: 3,000 sqft (1,000 each)
Estimated Rehab Cost: $10,000
Estimated ARV: $215,000
Bed/Bath: 6br/6ba
REFI DETAILS
Appraised Value: $255,000
Refi Date: June 3, 2020
Actual Rehab Cost: $7,000
Final Cash Left In: $40,000
Final Cash Flow: $700 ($2,700 rent)
Final COCROI: 21%
SALE DETAILS
Sale Price: TBD!
Sale Date: TBD!
Estimated Profit: TBD!
PICTURES
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