Duplex gets $2,000 / mo. gross - what should I purchase for??

[Nayeem Khan]

Does anyone know of a quick way to figure how much I should list a property that is fully rented and generating $2,025 of rent monthly? The taxes are around $2,000/yr and the both units were upgraded with new kitchen cabinets, appliances, 2 water heaters, tile and carpet throughout. The furnaces are old but were recently serviced. There’s even been repairs to the rear deck and a new front porch built. I believe the repair costs would be very little considering all that was done. I’ve even installed two washer / dryer units in the basement for use by the tenants at no charge.

I’m really trying to find a way to evaluate this deal before listing it for sale. The comps in the area don’t support anything over $100K, but I truly believe this property to be valued at much more. The reason to sell is so I can liquidate and move onto another larger building and do it all over again! 

[Steve Vaughan]

They sound like nice units! Unfortunately you are in the residential comp space. No matter what you did or no matter the income and NOI, small residential plexes are valued on comparable sales. There will be an adjustment up or down for condition, amenities, etc like any residential appraisal, but based on the neighbor nonetheless. Does the owner pay utilities? What's the NOI, just curious?

I would ask a realtor for a CMA or BPO. Give them the business if they are a fit for you. May be better to hold sometimes. If the cash-flow is good and there is appreciation potential (i.e., not a C or D class), hold it. Beats working to find another one, get it fixed, etc, IMO @Nayeem Khan!