Duplex in Westchester

[Gabe Viteri]

Investment Info:

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

Purchase price: $625,000
Cash invested: $85,000

Duplex in high-end neighborhood along the train line into NYC. 35 minute commute to Grand Central on the morning trains.1920 house. Big 2 car garage detached.
Upper unit: 4br 1.5ba, floors 2 and 3
- Living in for the time being
- Expected rent $3000-$3200
Lower unit: 2br 1ba
- Currently renovating
- Expected rent $2500-$2650

Rent range: $5500 - $5850

PITI: $3900 p/mo

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

House hacking a duplex is not easy in this area due to the taxes. We found a property where the numbers made sense, so we put in an offer within 12 hours of it hitting the mls.

We knew we wanted to begin reducing our living expenses, so we wanted to get out of our Single Family (liability) and move into a small Multi-Family (asset). Once we have a renter in the bottom unit of the duplex, we expect to reduce our living expenses by roughly $1400 per month.

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

MLS

How did you finance this deal?

Traditional financing
Used a local lender that doesn't require PMI

How did you add value to the deal?

Renovating the house
- Upgrading kitchen(s), upgrade half bath to full in top duplex making the whole building a 6br 3ba, upgrade appliances, improve landscaping

- run electrical to the garage and rent that out as a premium