Updated about 4 years ago on . Most recent reply
Vertical Duplex Househack in Portland
Investment Info:
Single-family residence buy & hold investment in Portland.
Purchase price: $350,000
Cash invested: $50,000
This is a property that I househacked and am currently living in. It was a 4 bd 2 ba single family home that I transformed into a vertical duplex. The basement has a separate entrance and was originally livable as defined by the city. I'm in the process of converting it into an ADU. Downstairs I added a kitchen, changed the old flooring, repainted it, and upgraded the bathroom.
What made you interested in investing in this type of deal?
These properties are common in Portland and requires a bit of permitting work with the city, but pays itself off in short order. It's a relatively easy value add.
How did you find this deal and how did you negotiate it?
I found it through my realtor, my brother. The owner wasn't budging much, but it was already a great deal as it was so I agreed to something just below their asking price.
How did you finance this deal?
FHA and my income
How did you add value to the deal?
Added kitchen to basement, remodeled bathroom, changed flooring, paint.
What was the outcome?
I'm currently renting it out and the tenants are paying over half the mortgage. Once I move out, it will cashflow between $500-800.
Lessons learned? Challenges?
The biggest challenge has been dealing with the city to work around all their requirements.