Duplex vs Half plex…confused ?

Question

Somebody please help clarify the difference for me…I think a half plex is where the 2 units are owned separately…is that accurate ?

Brett C. · Answer

I own two condexes, separate structures in separate towns, ie I have two different co-owners.  I love it for many reasons!  Sure a lot could go wrong if you have a deadbeat co owner but I vet them as part of my due diligence.  Also, you get to work out deals with them like they may have no problem doing the landscaping but you pick up their half on the snow plow bill.  Also note that you split your risk.  That roof bill gets divided by two, course you could end up with a weirdo roof like one poster mentioned above where there are two different roofs because you couldn't agree with your co owner on when to get it repaired.  If you structure your HOA correctly you can actually force them to pay you condo fees of they do not pay their share or you could foreclose on them.

Now as for the money?  My recent unit I bought in oct has a far better cap rate and cash on cash return than if I bought a duplex and owned and rented both sides.  I think it is an imbalance caused by the crisis. Lots of first time homebuyers bought condexes at the peak and they are losing them like its going out of style and they represent exceptional values IMO.  I'm glad everyone hates them!!  I would buy them all if I could.  A duplex in my area costs 225-250k. You can get better condexes for 85-90k... it's amazing.

Bill Gulley · Answer

As Wayne mentioned a 2 family dwelling may have different call signs but the definitions will depend on how the structure was built and if each unit is on a separate legal description. A patio-home is a 2 family dwelling like a duplex but each unit sits on its own legal description and lot. The lot line runs through a common wall. Usually code requires these structures to have a fire wall as the common wall and it reaches up through the attic to a common roof.

It would be very difficult to convert a duplex into a patio-home or townhome due to the common wall requirements and subdividing a lot for separate descriptions, probably not done except in unusual situations.

A townhome is usually a two or multi-story structure and might be a 2 family structure or multiple dwellings such as a row house development.

Condos may have the same structure but deeds are restricted to each unit with common areas, yards and amenities under an association or common deed.

Condex is a new one on me, but I can see that, are there any common areas owned equally by both parties in title? @Ann Bellamy

Might have different call signs in different regions, but the thread will be in title to the unit and lot by a separate legal description. Half-duplex sounds like regional slang to me, I'd think patio-home is more common. :)

Ann Bellamy · Answer

Interesting - in New England, a two unit building with separately deeded units is called a Condex.  No idea why - combination duplex and condo I guess.

James Mudd · Answer

Thanks for the input @Eric  scott  ...I am going to stay away from the half-plex...just seem like a lot of extra issues to deal with.

Eric Scott · Answer

Agree With Jerry, I also want to add that in half-plex, the separate owner is responsible for the maintenance of his house.Painting the exterior parts, Refinishing or Replacing of roof, Installing a Fence and other individual maintenance, are the responsibility of the owner. In general , it is like a single family residence that shares a common wall.

Jerry Bredesen · Answer

It's difficult to find value buying a half-plex, but you can do very well by converting a duplex into two legal condos. You'll have to create the correct legal entities for your area, but once you've figured out the process it's just paperwork. Splitting the property into condos could increase the total value by 40-50%.

Andy Collins · Answer

There is an area close to the area I like to buy rentals, it has a lot of "half plexes", its funny to drive down the street and see one structure with totally different roofing on each side.

I refer to buy in areas where there are few rentals, most homes are OO, so needless to say I stay clear of anywhere with duplexes, it is obviously more leaning to rentals.

Troy Sheets · Answer

In this area they're called "twins" if they're not a duplex, the "half-plex" is a new one to me. Not saying it's wrong, just a regional difference I assume.

James Mudd · Answer

Thank you for the clarification Eric !

Duplex vs Half plex…confused ?

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