Is a duplex without garage so bad?

Question

I am examining a renovated duplex in c neibourhoods in Cleveland in West Boulevard and Stockyards fir averages of 60-70k but both don't have a garage and one don't have a cooling system...

How bad it can be for the rent, resell price and finding tenants that one car block the other but you can park in yhe street..

Ari Hadar · Answer

Good remark.I must deduct all the deficiencies and keep my criteria like above 12% coc and above 100$ per unit but i must take into account the desirability and prospects to resell the property.

Eric Johnson · Answer

It depends on your market. Do all of your comps  have a garage? What are they renting for? What's the market standard HVAC? You should be researching these questions as an investor to determine what you need to do to your project to align it, so that you have product/market fit.

Benjamin Aaker · Answer

Make sure it is clear in your leases who gets the garage. Better yet, whichever wants the garage can pay a monthly fee for it. Agree with Johnathan, if the numbers work then the garage is not critical.

John Koster · Answer

Properties without garages are fairly common in Cleveland.  The price and marketability of a property without a garage are of course affected, but it is not deal breaker.  I have avoided properties without a garage, but I know a few investors who could care less as long as the numbers work.   A local realtor would have a good idea of how much rent is affected.

Jonathan Pflueger · Answer

@Ari Hadar

Who cares about the garages and parking if the numbers are good! It’s all about the numbers. Anyplace will rent and quick for the right amount.

Know your criteria like the back of your hand and stick to it. Just deduct from the offer price until you are satisfied and if the offer is not accepted you still win. An accepted offer on a bad deal is a dud through and through.