Rhya Lane Duplex in the Oakdale School District--OKC Metro area

[Nicholas Utesch]

Investment Info:

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

Purchase price: $359,000
Cash invested: $359,000

New construction Duplex. 4 bedroom, 2 bath, 2 car garage located in the highly desireable Oakdale School District in the Oklahoma City Metro area. Approximately 2,900 square feet total (1,450 sq. feet per unit).

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

Purchased the home from the developer at a $13,000 discount over what all comps had sold for (last property in the nieghborhood). Desirable location in a very sought after school district and the property has 4 bedrooms which is ideal for families with school aged kids.

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

Off market deal--purchased from a developer that does not list his properties on the MLS

How did you finance this deal?

Originally financed the property with a 75% LTV conventional investment property mortgage at an amazing rate (2.875% on a 30 year fixed). Ended up paying off the loan in Early 2021

What was the outcome?

Property has consistently been full--Appreciation has been great as well--present market value estimate around $475,000. Cash flow is pretty good

Lessons learned? Challenges?

I kind of wish I wouldn't have paid off the mortgage so quickly--It's not likely that we'll ever see a 30 year fixed investment property duplex rate at 2.875% again in my lieftime but I wanted to eliminate the payment and increase my monthly passive income by getting rid of that payment.