Duplex in SE Portland

[Alexey Smirnov]

Investment Info:

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

Purchase price: $220,000
Cash invested: $70,000

Duplex, 3 bd, 2.5 ba, 1300 sqft each

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

Below market price, bank owned, forced appreciation potential

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

Searched on RMLS and Redfin daily. Negotiated price through real estate agent based on inspection findings. Dropped asking price from 250k to 220k

How did you finance this deal?

Conventional

How did you add value to the deal?

New roof, new kitchens in both units, replaced all toilets and vanities, new flooring and paint, upgraded to LED light fixtures throughout, new exterior paint.

What was the outcome?

Zillow estimate: $424,585 (6/13/2019)

Lessons learned? Challenges?

Should have re-pipe property: replacing old galvanized piping with PEX plumbing. Current maintenance calls mainly for plumbing issues (1-2 per year)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, but he is retired already