219 W 5th, Cheney WA

[Deepak Malhotra]

Investment Info:

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

Purchase price: $99,000
Cash invested: $19,800
Sale price: $136,000

Upstairs/Downstairs split entry duplex in Cheney, WA, home of Eastern Washington University. One of two adjacent identical duplexes. Each unit is 2 bedroom, 1 bath and has a fireplace. The duplex had carports and separate fenced backyard areas. Sold to a friend.

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

Decent cash flow. Rents were $575 per unit at time of purchase.

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

MLS.

How did you finance this deal?

Conventional 20% down.

What was the outcome?

Sold to a friend.

Lessons learned? Challenges?

I shouldn't have been in a hurry to sell just to release a bit of equity. Cap rate was still decent when I sold it, even at its updated value, versus alternatives.

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

Cheney Realty was the agency at purchase. The lender was great for me, Washington Mutual Bank, but is no longer around.