Sentimental Buy but It Cashflows Nicely!

[Caleb Drake]

Investment Info:

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

Purchase price: $144,000
Cash invested: $40,000

This is a turnkey buy-N-hold that we did very little work to. It was way under rented and one unit was vacant. We did some work to the vacant unit to update it and rented it for $150/mo more than expected. We also negotiated the rents on the other two units and have amazing tenants who are paying slightly under market value but are very low maintenance, older couples and keep the homes in amazing shape.

I have fond memories of this home because my grandparents rented the lower unit while they were building their house down the block. We negotiated the price to a point it made sense, but I bought this because it was a decently cash flowing asset and had sentimental value. Now my grandpa borrows the detached garage from me and cuts the grass for free. The home came with an acre of land behind it that can be subdivided and built on. We are contemplating doing something with it.