SLC Rental - Single Family

[Cordell Critchell]

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

Purchase price: $380,000
Cash invested: $120,000
Sale price: $613,000

A single family, 3 bed 1 bath rental unit in a highly desirable neighborhood. Very walkable neighborhood with public transportation.

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

In one of the hottest walkable neighborhoods in the city. Near the university and downtown. I was eager to have a rental property and I knew the market was going to keep climbing. I thought a single family rental would be manageable in terms of my first tenants, it was only a few blocks from my house, and I thought as an exit strategy this would always sell as a home because of its location.

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

It was in my neighborhood. I looked at a duplex the weekend before and got outbid. My realtor called me the next weekend with this property and thought I would be interested because of its location.

How did you finance this deal?

20% down on a 30 yr term at 4.3%

How did you add value to the deal?

New roof, refrigerator, and washer dryer

What was the outcome?

$208,000 gross outcome