Purchase #2 (Units 5-10) - Statesville Duplexes

Cash Flow - $700/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%

 

PICTURES

 

IMG_4957.JPG
IMG_4956.JPG
IMG_4955.JPG
IMG_4428.JPG
IMG_4901
IMG_1734
IMG_4903
IMG_4905
IMG_4899
IMG_1732

Statesville Duplexes Blog