Atlanta, GA · Member since 2017 · 4 posts · 0 votes
Hi All,
I was born and raised in Denver but live in Atlanta now. My dad has a duplex (2/1 each side) in East Denver and I'm wondering what our best strategy should be. He is living in one side and rents the other side out. He needs major rehab on the property and I'm wondering if we should turn the duplex into a 4 bed/2 bath SFH or keep it as a duplex and update it. He bought it in the 1980's and hasn't done any major updating since then. I've been checking comps on the the different real estate sites and they are all over the place so I figure local investors would be a better source. Thanks!!
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
9y
@Kanika Bailey so generally without any specifics, keeping it as a duplex will yield highest value. For the average person the highest value is to sell as is. Navigating contractors and home improvement is expensive and fraught with peril for the average person. It is unlikely that you can add value and come out with more money in your pocket than if you sold it to an experienced flipper.
More information would also be helpful. I assume he is planning to move out of the area. Another approach would be to split the unit in parts and then sell each half.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
9y
What's his plan? Stay and renovate or cash out and buy something else? Depending on where it is, it will probably fetch a premium as a duplex, but as @Bill S. mentioned, you might be able to split like he did on a project.
@Matt M., we will more than likely stay and renovate. I don't think he can afford to buy anywhere near where he currently is.
I would agree with that. One side should be able to provide him with some nice cash flow assuming he has it paid off. Feel free to reach out if you guys need some renovation help. I've got some guys I could send your way.