Traveling Nurse Duplex - Prescott Valley

[John Bradley]

Investment Info:

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

Purchase price: $348,000
Cash invested: $30,000

Duplex opportunity in Prescott Valley AZ. Property needed renovations and the Prescott Valley market has a large medical presence. One unit is long term rental and the other is a Renovated unit for Traveling Nurses.

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

Realtor called me, the property just fell out of escrow and they knew I was from Prescott Valley and owned a duplex. We wanted to buy another property that year for us to work on.

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

Negotiations were pretty straight forward. Easy deal for the realtors and we got a couple grand off of the price.

How did you finance this deal?

Conventional mortgage. 25% down.

How did you add value to the deal?

Full renovation. Flooring, paint, counters, cabinets, fully furnished the traveling nurse side.

What was the outcome?

Steadily increasing rents based on the ever changing market in Prescott AZ.

Lessons learned? Challenges?

Property managers are aware of what their people are paying in rents, they might be too hesitant to increase rents. They work for you so you tell them what you need. We're not charging enough for the nurses so we need to increase the rents on that side of the property more.
FURNISHEDFINDER.COM is the best resource for traveling nurse housing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This is the only property we're using a property manager for since it's a 2 hour drive from our house.