First Real Estate Investment Property [Duplex]

Cape Coral, Florida
Starting Out
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First Real Estate Investment Property [Duplex]

Jason Koch
Member since 2020 · 2 posts · 3 votes

First post!

I'm currently under contract on my first duplex here in Lehigh Acres, Florida. Agreed sale price is at $395k with 3% sellers concessions, it is a 3 bed 2 bath 1 car garage for both units and each side currently has tenants renting month to month. One side is renting for $1,900 and the other $2,000.


I feel super confident in the deal as it's a 2005 build, currently cash flows with tenants and there is so much room for forced appreciation.

The Inspection is scheduled for 6-12-2025, when we went to see the units only one side was available to see and the living conditions were awful. Really dirty place and that scared my wife, but I wasn't too worried about it as it's mostly cosmetics and we can get the place cleaned whenever they leave.


The goal with this first one is to sit on the cash flow, save up it up for 7-10 months and repaint the outside of the duplex. After that I plan to redo kitchen and bathrooms whenever one of the tenants move out. 


I want to start out owning this property very well and take care of the tenants, so I am going to cover costs for lawn care, $100/mo and pest control $40/mo. 

Very excited to get started!

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  • Amber Stout
    Lender · Tampa/Saint Petersburg, FL · Member since 2014 · 377 posts · 150 votes
    1y

    Hi Jason! Investor/mortgage broker here in Tampa/St.Pete. 

    Congrats! That’s a strong first deal — 2005 build and already cash flowing is a great combo.

    Sounds like you’re going into it with the right mindset: stabilize first, then force appreciation over time. Love that you're planning to take care of the property and the tenants — those details go a long way, especially when you’re repositioning a place.

    One thought: since one unit looked rough and the other wasn’t shown, you could have the opportunity to negotiate again after inspection. Even if it’s mostly cosmetic, you might be able to get a credit or price adjustment to offset your cleanup and turnover costs. Some tenants are dirty but as long as it's just cosmetic and they pay on time, you're golden. 

    Also — once you’re ready to renovate kitchens/baths, doing one side at a time like you’re planning will make it way more manageable.

    Excited for you — this is how it starts!!

    0Reply
    • Jason Koch
      OP
      Member since 2020 · 2 posts · 3 votes
      1y
      Quote from @Amber Stout:

      Hi Jason! Investor/mortgage broker here in Tampa/St.Pete. 

      Congrats! That’s a strong first deal — 2005 build and already cash flowing is a great combo.

      Sounds like you’re going into it with the right mindset: stabilize first, then force appreciation over time. Love that you're planning to take care of the property and the tenants — those details go a long way, especially when you’re repositioning a place.

      One thought: since one unit looked rough and the other wasn’t shown, you could have the opportunity to negotiate again after inspection. Even if it’s mostly cosmetic, you might be able to get a credit or price adjustment to offset your cleanup and turnover costs. Some tenants are dirty but as long as it's just cosmetic and they pay on time, you're golden. 

      Also — once you’re ready to renovate kitchens/baths, doing one side at a time like you’re planning will make it way more manageable.

      Excited for you — this is how it starts!!

      We've gotten it inspected and they've made it pass a 4-point, the left side was the dirty/cosmetic one and the right side was near perfect (they've been there for 2 years).

      Exterior has some minor cracks in the stucco/concrete so I've adjusted cost to close to include a new paint job for the exterior to take care of that. 

      I'm very excited to start this process!
      1Reply
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