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Updated about 2 years ago,
Triplex with strange layout
Hello!
I'm looking for opinions on a triplex with an unusual layout.
I own 4 SFR, and I'm looking to buy my first small multifamily. I'm interested in a single-story triplex that is definitely a fixer upper, but I think I can get it for a really good price, and it would cash flow well.
Two of the units are 1/1 and have a normal layout, and the 3rd unit is a 3/1 that seems to have been pieced together by combining a 1/1 unit with a garage or something like that. The layout is pretty strange. There are basically 2 living rooms, and one of the bedrooms can only be entered by walking through another bedroom. I'm concerned that it wouldn't be truly/legally considered a 3 bedroom, and also that it might not appeal to people because of the strange layout. One good thing about the unit is that there is a lot of space because of the 2 living areas, so maybe that would appeal to some tenants.
For additional context, it's in a C+ neighborhood in a military town.
The positives are the price of the property, as well as the electric and water meters all being completely separate for each unit. And it is close to a lot of desirable amenities in town, despite it being a lower income part of town. There is also a very large backyard area that I would probably add fencing so each unit has its own private yard.
Would the strange layout in the 3/1 unit be a dealbreaker for you? Any opinions or wisdom from past experience with this type of situation is appreciated!