Berwyn: Potential 2 Flat Purchase

[Sean McKee]

Hello BP,

I have a potential 2 Flat in Berwyn that I have a "verbal agreement" to purchase for 205k. It's definitely not a final deal yet, but I wanted to see if anyone has general gauge of the rents in the area. Both of the units are 2 bed/1 bath. The first-floor unit is ~800SQFT and duplexed down to a finished storage area. The upstairs unit is approx. ~800 SQFT. 

Both units have access to laundry, a 2-car garage, and a parking pad. No Central AC. Currently they have average finishings for the area.

I have an idea on the rents but would like to hear what other people are currently renting their units for. Do you know what the max potential rent is?

Thanks for any advice!

[John Warren]

@Sean McKee we have just under 100 units in Berwyn. the answer to your question will depend mostly on the quality of the unit. A lot of 2 bed/1 bath units will rent in the $1250-1550 range depending on the size, condition, amenities, parking, pet fees, etc. We have been targeting $1350 recently and that has been going well. 

In terms of the building you are under contract on, is it brick or frame? Berwyn has so many amazing brick buildings and a lot of times the frame buildings can be tough when it comes to the Berwyn compliance inspection.