First Multi-Family Property - Ankeny, Iowa

[Jordan N Hansen]

Investment Info:

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

Purchase price: $270,000
Cash invested: $54,000

A multi-family upper/lower duplex in Ankeny found off-market during COVID.

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

A partner and I began searching, and after coming up empty for 6 months, we were sent this deal by a close friend and ended up closing a month later.

How did you add value to the deal?

1) Renting garage units
2) Additional Pet Fees
3) Adding flooring insulation in the upper unit led to improved efficiency and sound reduction for lower tenants.

What was the outcome?

Completely eliminated noise complaints from the lower level and reduced utility costs.