Rare Frederick 1982 Built Duplex *Value Add Deal*

[Justin Lenk]

***Cash For As Is Houses, LLC currently has this property under contract and is selling their position in the contract. To join the group of investors that receive property opportunities via email/text: .***

***DO NOT DISTURB TENANTS OR TRESPASS ON THE PROPERTY. SHOWINGS AVAILABLE BY APPOINTMENT ONLY.***

*Unit Square Footage is Approximate*

***VALUE ADD DEAL***

Turn under market rents into market rents and keep the equity. Own a rare 1982 built Duplex Multifamily in Frederick, Md.

Estimated ARV based on ROI Opportunity + Multiple Investor Opinions: $220,000 -$240,000
Comps are non existent since there is nothing similar in the Frederick area (most duplexes are older), this was built as a duplex in 1982 by a well known builder.

Estimated Repairs: $20,000 - $30,000
-Units are outdated but in good condition (See pictures). To get the most value (rent/month) you would need to update the units.
-Drainage issue (easy, cheap fix). Run drainage all the way to the street to correct.
-HVAC indoor units (outdoor units look newer) are older and MAY need to be replaced in the future.
-Garage/Basement clean out.
-New garage doors.
-Minor Miscellaneous Repairs.

Current Rent vs Market Rent:

Current rent brings in $700 / m each unit with one side of the garage rented for $100 / m totaling $1,500 / m.

Market rent for updated 2/1s could bring in $1,000-$1,100 / m each unit. $2,000-$2,200 / m plus $100 / m from the garage would bring in a total of $2,100 - $2,300 / m total.

Pros:

-Solid build by a well known builder back in 1982. The "bones" are good.

-Built as a Duplex NOT converted to one.

-Equity.

-1+% Rental in Frederick.

-Own a rare commodity in Frederick.

-The property has potential to be a solid, reliable rental for years to come.

Cons:

-Tenants are not on a written leases and MAY need to be evicted.

-Not turn key. Updates are needed to be made to optimize income and meet market rents.

-Roof was roughly estimated at 15 years old but they did not have documentation on this.

-Evidence of dampness in basement - this is due to the current drainage issue (easy fix).

-Does not currently have washer/dryer.

Pictures available HERE (For privacy reasons, please only share this link, do NOT download photos).

Feel free to call with any questions. 301-244-8055.

Cash or Hard Money only. $3,000 Non-Refundable EMD required. 7-10 Day COE Required. 

Third party financing available.

Not on our buyer's list yet? You should be. .