2% Deal Triplex For Sale - $49,000 - Cash Buyers Only - Washington State

[Brandon Turner]

Hey folks, I've just put a triplex under contract and am considering wholesaling it rather than purchasing it. It is an AWESOME deal but it needs a bit of work to get fixed up and I'm lacking the time and brain power to put it together at this point, so I thought I'd test the waters here.  It almost meets the 2% rule after putting all the repair costs in, but I'd encourage you to dig into the numbers below, don't just rely on that! 

Park across the street: 

THE PROPERTY: Vacant triplex in Hoquiam, Washington, next to the town of Aberdeen. It's about 1 hour from Olympia, 2 hours from Seattle, and about 20 minutes from the beach at Ocean Shores.  The property contains a three bedroom unit on the main floor and two one-bedroom units on the second floor.  It sits directly across the street from a really nice park, in a generally good neighborhood (I would live there and I own a rental property nearby, one of my best properties.)  It's walking distance to town, on the bus route, and on the main road that goes out to the beach (which will provide for easier advertising - a sign should get it rented.) Nice houses on the whole block. 

The property needs work, probably $40,000 or so. It's in good shape, but will need paint, carpet, some leveling of the foundation, new wiring, and just general updating. Nothing weird.  I have some contractors I can refer you to for all that stuff, and am waiting on some bids right now that I should have in the next few days. 

The property is also technically (I think) in a flood zone though no flooding, as far as I know, has ever occurred here. Flood insurance is the norm in this county, which is why I think this property is ideal for a cash buyer who won't need to get flood insurance.

THE MATH: Here's the numbers, as taken from the BiggerPockets Rental Property Calculator: 

• Purchase Price: $49,000
• Repairs Needed: $38,000
• Closing Costs:     $2,500

Total Investment:    $89,500

Total Income: $650+$495+$495 = $1640

Total Expenses: $883 (includes vacancy, water, garbage, property management, repairs, capex, insurance, and property taxes.)  

Net Operating Income: $756.83 monthly or $9,082.00 annually. 

ROI based on all cash: 10.15%

CLICK HERE TO DOWNLOAD THE PDF REPORT WITH ALL THE NUMBERS

CLICK HERE TO SEE THE GOOGLE STREET VIEW OF THE PROPERTY

Anyways, this deal will probably go quick so let me know if you are interested ASAP. Again, I need a cash buyer for this, so you'll at least need the $49,000 plus closing costs to purchase it.

Let me know if you are interested! Send me a private message here on the site or email me at [email protected]. 

Like I said earlier, I'm happy to help out with contractor referrals, property management referrals, and whatever else I can do to make this work out well for you! If you are an out of town investor, I can help coordinate whatever you need. 

Finally... PLEASE don't buy this property just because I'm Brandon and I'm on the Podcast and have some clout around BiggerPockets. Buy this property because it makes sense for you ... so run the numbers and if it something you are interested in, let's chat. 

Questions? Ask below or send me a private message or email!