My first RE duplex deal in Columbus, OH : 1768-1770 Kent St

[Alfath Ahmed]

Investment Info:

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

Purchase price: $346,000
Cash invested: $22,000

Purchase Price: 346k + closing, all in 352k
Down payment: Conventional 5%
Expected Rents: $1545/side so $3,090 gross
Mortgage payment + hazard+ other costs: $2,029 + water/garbage
Management: Self management

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

My property is a complete remodeled duplex. It does not meet the 1% rule but I’m okay with that. It’s a 4 minute walk from the largest children's hospital in Ohio, 2 minute walk from a decent middle school, 1 minute from the freeway to downtown which is 5 mins away. Also, the hospital has a 4 billion dollar project in that location in the next 5 years. I am still able to walk away with $1k in net profit (before taxes).

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

I found this deal through my realtor who is also an investor himself. We offered on this deal an hour after it hit the market and locked it up the next day.

How did you finance this deal?

Conventional Financing

How did you add value to the deal?

Future-value add will be to finish the half-finished attic and partition them into 2 bedrooms. I will also convert both the laundry room with the water-lining into bathrooms. However, I will wait at least 2 years to do this because I am looking to increase my portfolio rather than value-add and refinance or simply increase rents by $100/month.