2 duplexes on one lot, SEPARATE METERS!!! Cap Rate estimated at about 8-9% after rehab, considering estimated 27% operating expenses. The larger duplex is 2,776sqft (or 1,388sqft each). The larger property has 2 units. A 2 bed, 1 bath unit on the first floor with a bonus room that can be turned into 3rd bedroom. Large living room, kitchen, and dining and w/d hookups on the patio. The second top floor unit is a 3 bed, 1 bath unit with w/d hookups in the kitchen. Large living room, kitchen, and dining. The smaller property has 2 units. A first floor 1 bed, 1 bath, 1 car garage on the first floor. Good sized kitchen and large living room and dining combo. The second floor unit is a 1 bed, 1 bath with w/d hookups on the balcony. The surrounding streets have homes that consist of other multi-family and single family homes. Most of the homes have been improved already and the property value in the area is rising above average. For the larger property, rental projections and recent comparable rents suggest you'd be able to get about $2,250-$2,500 for each unit. For the smaller property, rental projections and recent comparable rents suggest you'd be able to get about $1,250-$1,500 for each unit. This equates to $7,500-$8,000/month+ in rent, collectively. We're projecting that the properties needs about $200k+ in rehab. Appraisal report with an After-Repair Value (ARV) of $880k. We have a contractor estimate for ALL WORD I can send to verify work needed. There is also furniture still in the property that may hold value as well.
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