Should I hold or sell my three family house in Hartford, Connecticut

[Molly Magowan]

Investment Info:

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

Purchase price: $325,000
Cash invested: $80,000

Good sized three family property with small lot on fairly busy main road. Location is central and close to highway. Considering selling to capitalize on other opportunities but very much on the fence. Rents are at market and I have a mid-term rental in 1 unit.

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

I was early in my endeavor to buy and hold multi families in my area. It presented itself at a great price while I was on the hunt.

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

It felt reasonably if not underpriced to begin with and felt like I would lose an opportunity if I didn't put in an offer for full asking price, they ended up being multiple offers the 1st day on the MLS, so I felt good about that decision.

How did you finance this deal?

Traditional mortgage 20% down.

How did you add value to the deal?

I’ve updated some plumbing, new fixtures in all kitchens, about 60% of lighting fixtures, replaced windows on 2 floors, added new appliances on two floors, painted entirety of house last year.

What was the outcome?

I’ve been holding since 2020, furnished units for Travel Nurse rentals for 2 years and recently converted one unit to long-term, outcome overall has been positive.

Lessons learned? Challenges?

Plumbing has been somewhat of a challenge. Sewer line is clay and needs to be updated soon, roof is also toward the end of its life at 20+ years.