Historic Duplex - Owner Ocucpied, Saint Louis, MO

[Tim Beadle]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $127,000
Cash invested: $50,000

Purchased an 1890's duplex in historic Benton Park steps from Cherokee Street Business District. Home is owner occupied and currently being renovated. Estimated rents are $900 (1st Fl, 1bed) and $1050 (2nd Fl, 1bed + Den) based on recent comps. Units feature stainless steel appliances, in unit laundry, and 10ft+ ceilings. Looking to complete renovation in 2022 and turn over to a fully rented property with an est $22k annual gross income.

What made you interested in investing in this type of deal?

Previously lived in this neighborhood, value add property, ability to complete renovations personally reducing capital input, and neighboring properties are in good condition

How did you find this deal and how did you negotiate it?

Realtor.com - Negotiated through a realtor with a concession from purchase price.

How did you finance this deal?

FHA

How did you add value to the deal?

Both units were in poor aesthetic condition while the infrastructure was updated in 2014. New floors, countertops, appliances along with exterior deck repair and plumbing supply line replacement.