Sweet deal on a darling duplex near downtown Fort Wayne

[Lee Fuhr]

Investment Info:

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

Purchase price: $72,000
Cash invested: $11,000

Contributors:
Peter Fennig

Sweet deal - found this duplex on the MLS, it had been sitting for 30+ days. Good bones, needed basic updating - floors, paint, kitchen counters, etc. Nothing huge, no HVAC or mechanical concerns, good foundation, great dry basement. Fixing it up to rent. 2 Bedroom main level, 1 bedroom studio upstairs. Quiet street, close to downtown Fort Wayne.

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

Didn't need extensive rehab, just the basics - no HVAC or other mechanicals needed to be touched. Quick to turn into a cash flowing rental.

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

Found on the MLS, sitting 30+ days, negotiated down $8k from ask using our real estate agent.

How did you finance this deal?

Hard Money lender at 75% LTV, brought the remainder in cash to closing.

How did you add value to the deal?

New floors, new kitchen counters, fresh paint, fresh lighting, reglazed the tubs, fresh tub surround, cleaned up the cobwebs in the basement.

What was the outcome?

Beautiful rental on a quiet street, outstanding buy and hold property.

Lessons learned? Challenges?

Great exercise in rehab budgeting - got to use a new spreadsheet I designed that includes prices for everything and helps calculate actual rehab costs.

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

Jay Price at Mike Thomas Realtors is a gem for investors, highly recommend him for all Fort Wayne real estate, whether you're looking for a home to live in or invest in.