Downtown Phoenix Duplex

[David Marshall]

Investment Info:

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

Purchase price: $509,000
Cash invested: $45,000

Duplex (2/2 main house with a remodeled basement and 2/1 casita). I house hacked the property for 1.5 years until just recently where I moved out and now renting both units to traveling nurses. Property is located in the Coronado Historic District and is in close proximity to numerous bars/restaurants and local hospitals.

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

I was looking for an opportunity to house hack and improve the property while I lived there.

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

Through the MLS and normal negotiating via RE agent

How did you finance this deal?

VA loan

How did you add value to the deal?

Through numerous property improvements both exterior and interior

What was the outcome?

Great property that I house hacked for 1.5 years. I recently moved into a new property and rent both homes out to traveling nurses. Great tenants and wonderful cash flow.

Lessons learned? Challenges?

Scrutiny of contractor work prior to purchasing. Negotiating a lower purchase price due to time on market and state of the property.