1 Bedroom 1 Bathroom Duplexes
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I have 11 properties that are 1 bed 1 bath. (one is a 3 unit). They all are in C- or worse neighborhoods. They cash flow great. $700 or more a month net. We haven't had too much trouble getting them rented and we do have some long term tenants in place. We have 5 that have been with us for 3 or more years.
Most of our tenants are single moms,retirees,or on disability. Most are market tenants but we do have 1 section 8 and 3 that are placed with Catholic Charities and we are currently working with a non profit for the homeless to place some of their clients.
We have actually found a fairly decent demand for one bedrooms here in the Baltimore area.
I also have 9 detached single families in B neighborhoods. it still all comes down to tenant screening. I self manage and really have no personal preference between the two from a management perspective.
It all depends on the location. You will probably find you have higher turnover with 1 BR/BA than if you have 2 or 3 bedrooms since your tenant is likely to move out as soon as he/she meets someone.
I would agree with what @James Mc Ree said. You will be limited to the types of tenants you attract (could be a good thing). Also, I would think that you won't be able to charge as much rent as say a 2 or 3 bedroom duplex. Is there a reason why you'd want a one bedroom duplex opposed to say a 2 or 3 bedroom duplex?
I have 11 properties that are 1 bed 1 bath. (one is a 3 unit). They all are in C- or worse neighborhoods. They cash flow great. $700 or more a month net. We haven't had too much trouble getting them rented and we do have some long term tenants in place. We have 5 that have been with us for 3 or more years.
Most of our tenants are single moms,retirees,or on disability. Most are market tenants but we do have 1 section 8 and 3 that are placed with Catholic Charities and we are currently working with a non profit for the homeless to place some of their clients.
We have actually found a fairly decent demand for one bedrooms here in the Baltimore area.
I also have 9 detached single families in B neighborhoods. it still all comes down to tenant screening. I self manage and really have no personal preference between the two from a management perspective.
Set them up so they are easy to turn over -- Allure floors, standard washable semi gloss paint, month to month rental agreements so it is easy to get rid of non-payers (if that is true in your area), and clear instructions to tenants on what they need to do to get SD returned. Much of the downside a high turnover can be mitigated with proper planning.
The hot trend in Seattle is "micro apartments" -- tiny little studios with high end finishes and glossy marketing. Your one bedrooms would seem palatial in comparison.
If you wish to work with the HUD VASH program (i.e., the program for homeless veterans) many would qualify for a 1 bedroom unit. A fair number in this program are single vets and thus their vouchers would be limited to such units.
Gail