Income-producing multifamily in Biddeford by 1st-time investor

[Bennett C.]

Investment Info:

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

Purchase price: $295,000
Cash invested: $20,000

2 adjacent buildings (Single-family & Duplex). The single-family (22 Mount Pleasant) has 4 bedrooms, 1.5 baths, and a 1 bay garage and rents for $2000/mo + all utilities except water/sewer. The duplex (20 Mount Pleasant) has 1st- and 2nd-floor 3BR/1BA apartments. Unit 1 currently rents for $1300 + electricity; Unit 2 rents for $1200 + all util except water/sewer. When I purchased the property with FHA financing in 2016 20 Mount Pleasant was collecting $1200 and $1000 with everything included and 22 Mount Pleasant St was vacant. In just over two years, with only moderate sweat-equity while I owner-occupied, all the units have been turned over to higher rents and more tenant-paid utilities.