2 house property - decent deal

[Erin Azar]

Investment Info:

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

Purchase price: $85,000
Cash invested: $20,000

2 sfh on a single lot and single transaction. 1 3bdrm/2b ranch and a 2 bdrm/1b sfh

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

I liked 2 houses in a peaceful neighborhood. House was ran down and I knew we could make it very nice, and appeal to higher end renters.

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

Offered 5k under list with as-is clause.

How did you finance this deal?

Traditional

How did you add value to the deal?

Hard work and some good taste + converter from 2 to 3 bdrm.

What was the outcome?

Renting small house at $780 and large one at $1000

Lessons learned? Challenges?

Would have inspected sewar line