New Duplex in Syracuse, NY

[Greg Miller]

Investment Info:

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

Purchase price: $90,000
Cash invested: $36,000

Just purchased a duplex in Syracuse (Tipp Hill area) for $90,000. 25% down on a 15 year fixed mortgage at 4.875% Have completed upgrades to downstairs apartment, and actively leasing both apartments - for $1,700 total.

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

Good solid buy and hold opportunity in a nice area.

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

MLS - viewed after 5 other offers were already received. Offered over asking price.

How did you finance this deal?

Conventional financing, 25% down.

How did you add value to the deal?

Renovate downstairs apartment to obtain market rent and high quality tenants.

What was the outcome?

Still awaiting leasing.....