Brick Waterfront 4Plex Rehab Jacksonville, Fl

[Audrey Johnson]

In contract for a 1950s all brick fourplex (just over 4,000 sf) river front in Jacksonville, Fl. Estimating that after upgrades total rental income will be around 4,500/mo based on nearby comps. Contracted price 450,000. Estimating around 80k in rehab/repairs including new roof, rewiring, replumbing and updating all kitchens and bathrooms. All units have water views, and planning on repairing dock in a couple years. I am a nurse at a nearby hospital making roughly 65k a year with options for overtime- no debts. I am confident that I can keep all units consistently rented through connections I have with local healthcare workers and post graduate students in the area. Based on the rate at which Jacksonville is growing, I plan on this property quickly appreciating especially given the waterfront lot and proximity to down town and several local hospitals and businesses. Naturally I am feeling a little overwhelmed going into this as I obviously do not make enough money to afford this place on my own, and will be incredibly thin stretched in the first couple of years. I know this property will be a good investment for someone long term, and am looking for advice on how to make it work and any tips for completing a rehab quickly and efficiently as well as obtaining the highest rental income possible each month. Any and all advice or personal experiences appreciated!

[Mitchlyn D.]

@Audrey Johnson Hi Audrey and Congratulations!

You should upgrade one unit at a time once a tenant moves out. Keep the existing rents coming in to help with the cost.