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Updated about 4 years ago on . Most recent reply

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12
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4
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Audrey Johnson
  • Jacksonville, Fl
4
Votes |
12
Posts

Brick Waterfront 4Plex Rehab Jacksonville, Fl

Audrey Johnson
  • Jacksonville, Fl
Posted

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!

Most Popular Reply

User Stats

342
Posts
142
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Mitchlyn D.
  • Rental Property Investor
  • Jacksonville, FL
142
Votes |
342
Posts
Mitchlyn D.
  • Rental Property Investor
  • Jacksonville, FL
Replied

@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.

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