Metro-Orlando 4plex $300k - rents $3400mo.Needs $15kreno, Deltona

[Alim Abrahim]

$300k

All 2bed 2bath with washer/dryer hookups

Needs about $15k reno

GREAT rental area (I have another 4plex owner, and a separate Duplex owner in the same area, within a couple of blocks, and they have had stable rental success, and watched the rents go up over the last couple of years.)

Rents about $850 each per month $3400.

The seller is not distressed – I sold this property to him about 3 years ago, and in his infinite wisdom, he used an unknown property manager… to save a percent…. And you know how the story goes!

Three terrible tenants were placed by the ‘discount’ property managers… then he called me for help. They fired that manager, and I got my usual property manager to take it over a few months ago, and we evicted three bad tenants. We placed one tenant in unit 4 (I think for $799 since the building was looking unruly), and now a contractor has painted unit 3, and is making it rent-ready (in process). The quotes before that unit was fixed included unit 3, and one was $15k, and another was $18k… Most of the work is in units 1 and 2, the downstairs units. Flooring in one, a lot of clean-up, exterior paint, landscaping, and some odds & ends to get this where it needs to be.

The upstairs unit is being shown at $885 – but I believe that he at least has to do the landscaping and ext paint, to get people excited at that rent. But we’ve only started showing it this week, and will likely have a tenant soon. (our property manager is a good screener, so you’ll have two good tenants in there before closing.)

The owner now is on the fence – should he spend another $12-15k and get it rented, and let it run?... or should he sell and buy an larger property. He could easily go either way.

$300k would motivate him to sell, but we’ll need to move quickly