Duplex in Westpark (Cleveland, OH)

[Laura Janosko]

Investment Info:

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

Purchase price: $127,500
Cash invested: $50,000

Side-by-side duplex that we are house hacking/live-in flipping. The property was in need of repair when we purchased it. We renovated one unit, increasing the rent by $500/month. The equity in the property after both units have been upgraded should be around $100,000, which we will capitalize via a heloc and use to purchase the next property.

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

The opportunity to fix a multifamily home that needed renovations and the opportunity to capitalize the increased cash flow and equity

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

It was listed on the MLS for a long time and we negotiated the purchase price down by $32,500 after discussing with the seller's agent the amount of repairs needed

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Extensive renovations to the exterior and interior of the property including new windows, siding, gutters, flooring, kitchens, bathrooms and hvac systems

What was the outcome?

Significant cash flow and equity