Beds: 24 Bath: 16 SqFt: 7,812
Repairs: Heavy Rent: See Below
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This is one of those deals that comes along and make you stop in your tracks immediately! This property is a 7,800 sf 8 plex that has 3 beds and 2 baths in each unit. The property is in need of a complete renovation. Some work has been started: new windows, some electrical work and some plumbing work. You are going to need a new roof and the entire interior needs to be completed. The largest issue is the city is requiring 2 parking spots for each unit, so you have to find room to do that. We are currently working with the neighbor who owns the vacant lot next door, to see if they would be willing to sell that to us as well. That would be the easiest solution to that particular issue. Originally, the property was set up at 16 1/1’s, which would be an option as well. A 1/1 would rent for right around $595/mo. A 3/2 should get you between $900 and $1,000 per month. Whichever way you slice it, and even with a huge renovation that’s needed, you are looking at a massive ROI.