Coin Operated Laundry for Duplex??

Question

Hello,

I will be closing on a duplex purchase next month. Everything looks good so far. I am making a list of things to do after closing.

There are 2 washers and 1 dryer that will come with the purchase. I wanted to convert these machines into coin operated. Very likely, I will have students living as tenants in this building. Is it a good idea to do this or not? I am concerned that coin operated machines break more often and can be frustrating for the tenants.

Any suggestions are greatly appreciated.

Thanks

David Krulac · Answer

Seth Williams

I have another take on appliances.

1.  I am not in the appliance business.  I don't want to repair appliances nor replace appliances.

2.  In low to moderate priced places, I do not provide washer and dryers.  I do provide washer and dryer hook ups and the tenants pay their own electric, gas and waster in all SFH and their own electric and gas in all apt..

3.  Most of the low to moderate SFH also do not come with refrigerators.

4.  I do provide more appliances in condos and high priced rentals.

5.  I believe that if a tenant brings all their own heavy appliances like refrigerators, washers, and dryers, that they are less likely to move, because they are heavy and a pain to move.

6.  Did I mention that I'm not in the appliance repair and replacement business?

Lokesh W. · Answer

Kelly N., Yes, those are my thoughts too.

David Barlow, I hope my duplex basement does not become a community laundry room :)

Lokesh W. · Answer

Great ideas! Thanks!

Lokesh W. · Answer

Good question. Maybe I will watch this for few months and will decide if I should get a coin operated or not.

David B. · Answer

Last year I put a set of coin-ops in two of my 3 units.  Initially I had regular washers and dryers but they quickly became community as I personally seen people (not tenants) washing often.  The tenants had become accustomed to the amenity but I was not about to provide that amenity for the entire neighborhood.  I was already paying common electric in the basement so I was set on the electric machines.  Plus water is basically at a set payment every six months (no meter). Coin-ops were spot on for my situation.  I bought one set new from Menards ( $1400 both) and the other set used from a local leading laundry machine sales company ($800 both).  I take in about $95 a month from all four machines.  It's more about tenant retention than anything else.

Kelly N. · Answer

If they are paying utilities I wouldn't go with coil- op, looks like you have already reached that conclusion.

I would leave the appliances there as a courtesy, but make sure they know you aren't going to replace them.  Especially now with craigslist, it should be easy enough for them to find replacements when they need to.

Best of luck,
Kelly

Steve Babiak · Answer

Lokesh W. - if the laundry hook-ups are in the basement, how do you make certain the unit 1 tenant does not use unit 2 utilities (and vice versa)?

Lokesh W. · Answer

Kelly N.,

Laundry hook ups are in the basement not in each unit. Yes, they pay utilities.

Lokesh W. · Answer

Hi All,
Thanks for your responses. I think I will NOT put the coin operated laundry in this duplex. Factoring that into the rents makes more sense. I want the tenants to be happy about living there. Saving them from a trip to Laundromat is great benefit especially in Wisconsin winters.

Some people here told me that college students sometimes might do laundry of their friends who don’t live in my property and utilities will be higher. What if one of the tenants brought in more friends’ laundry? This could be an issue so a coin operated laundry will help resolve this issue. Anyways, having read all the suggestions, I have decided not to put coin operated laundry.

Personally, I would not put a coin operated laundry for a Single Family – I think it makes the landlord look cheap…

Johann Jells · Answer

I looked into coin op for my 3U, but decided it was more cost effective to provide the units in the basement and build the cost into the rent. You can get basic used units for under $100 each on Craigslist, sometimes well under. It's cheaper to buy these than repair the old one! Just moving them is a pain.

I'm considering the same for my recently purchased 4U, but they already use an insane amount of water, $300/month!

Coin Operated Laundry for Duplex??

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