Lockport Rental Property

[Daniel Cavallari]

Investment Info:

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

Purchase price: $63,000

Duplex (Upper/Lower):

Purchased for $63,000
Put approximately $8,000 into upper unit (Paint & Flooring throughout, Bathroom renovation, Kitchen updating).

Monthly Rents (Included water, sewer, garbage)
$690 - Upper
$550 - Lower

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

After running the numbers on multiple properties in the area I determined that a multi family unit would generate enough in monthly rent (as opposed to a Single Family) to make the investment worth while.

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

MLS, not much negotiating, cash offer.

How did you finance this deal?

Cash (savings), plan to refinance.

How did you add value to the deal?

Increased rents from $480 (lower) and $425 (upper) to $550 (lower) and $690 (upper).

Was able to substantially increase the upper rents through renovations and doing a majority of the work myself.

What was the outcome?

I now own a cash flowing rental property.