Duplex Sold in Albuquerque NM - Great Income Opportunity

[Robert Carmody]

Investment Info:

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

Purchase price: $312,000

Duplex located in a popular older neighborhood near University, Med School, Hospitals, Shopping & Dining District. Each unit is approx 875 sqft with 2 bedrooms, 1 full bath, 1 car garage. Priv Patio/Yard. Property was well maintained &reasonably updated with refinished wood floors, updated bathroom, newer appliances, dual pane windows, and modernized heating/cooling systems.
Combined monthly income is $2,975 and both tenants have traditional 12 month leases. Units are individually metered.

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

I represented my client purchasing the property.

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

This deal was on the market and we moved quickly with an offer due to popularity of the location, solid numbers, and good long term potential.

How did you finance this deal?

Client obtained conventional financing as an investment property.

How did you add value to the deal?

Both units are leased and property was in good condition overall. The property has good potential as a Med Term Rental in the future, and minor cosmetic updates can be completed as tenants turn over to keep rents improving in a positive direction.

Lessons learned? Challenges?

Despite higher borrowing costs and a shift in the market, there is limited supply of good quality income properties. The layout and location of this property make it desirable, with opportunity for maximizing monthly rental income as a MTR if owner chooses to do so. For these reasons, we presented the seller with our offer quickly and it was accepted.

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

Robert Carmody w/ Re/Max Select in Albuquerque, NM