Rehabbing an Old Outdated Duplex

[Kyle Dwyer]

Investment Info:

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

Purchase price: $155,000
Cash invested: $38,750

Taking down the old meringue stucco and adding new fresh siding. Found many rotten studs and rotten areas! Adding a covered back porch and new windows to the building, as well as adding a half bath and a bit of square footage by adjusting the front door entrance. Adding a wainscot stone in the front as well to give it an extra pop. The property will definitely stand out from the rest on the street!

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

I have managed properties on this street for years, and see the overall neglect. The area is amazing, and wanted to rehab this property to start improving the street!

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

MLS. I negotiated with no inspections, and AS-IS to the seller. I own a management company and rehab properties often, so know what to look for in terms of structural issues.

How did you finance this deal?

30 year fixed second rate mortgage. 25% down.

How did you add value to the deal?

Replace siding, adding covered back porch, and rehab interior. Add a half bath and change the layout of the kitchen of rid the "Galley style" kitchen and make it more open

What was the outcome?

Pending. Still in progress

Lessons learned? Challenges?

Still in progress.

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

I am a Realtor.