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Updated almost 6 years ago,
Newbie investor concerns with 1st property...what would you do?
Property: Duplex - wife and I live in upstairs apartment, tenants renting downstairs apartment
Issue: Noise – we can hear the TV downstairs, the tenants talking, and the noise/vibration of them walking
Concerns: future tenants complaining about the noise & tenant retention (breaking leases early) in the future once we move out and rent both apartments, also concerned about noisier tenants moving in downstairs if the current tenants leave (they are relatively quiet tenants)
Details about the property:
- Located south of Boston (20 minute drive), 5 minute walk to a few restaurants and the commuter train into the city
- Purchase price in July 2017: $536k
- Updates: New roof ($7k), waterproof basement ($3k), tiling, painting, other cosmetic improvements
- PITI: $2,700
- Unit 1 Rent: $2,100, Unit 2 Rent Potential: $1,800
What would you do if you were in my shoes? Spend the money and have an acoustic engineer soundproof? Leave as is? Sell the property? What are my options here or am I just overthinking this as a new investor? Has anyone else had similar issues with rental properties? Any feedback is greatly appreciated.