Investor · Charlotte, NC · Member since 2015 · 15 posts · 1 vote
My wife and I own a duplex that is rented out. We are wanting to sell it for what we owe right now ($180k). I've posted the numbers below from the bigger pockets rental property calculator using $180k as the sale price, 20% down & 4.5% rate. We are having to travel a lot for our jobs and don't want to maintain this any longer. Good deal for someone willing. Portsmouth isn't the hottest market, so we're putting it up for sale at a price we hope will sell fast. We have a property manager in place as well (not included in these numbers). He charges $63 per unit and does a nice job. Nothing on the property needs repair at the moment, but the garage is old and only really good for storage. Inside the floors are newly refinished hardwood that show really well. Big kitchens. We had the front porch rebuilt last year as it was old wood, so that's shiny and new. Happy to answer any other questions.
We pay on average about $200 for water and trash. The tenants pay the rest. Here's the PDF of that report so you can see everything (in the report I have this $200 listed in the 'misc' expenses):
In your "experience" section, you mention that you have purchased a duplex that you refer to as your "hell house." Is that this property? If so, would you mind sharing what has led to you to classify it in this way?
Sure thing. For *us* it was our hell house because we bought it at the peak of the bubble before we knew what we were doing and with too many updates needed. We bought it at $213,00, which anyone here can see that number and already know we paid more than it was worth without even opening a calculator. At this point, we've done all the updates and it has cost us a bunch. For a buyer right now, they'd be getting a fixed up house that we funded the updates.
We did the following:
- Ripped up carpets, refinished the floors ($6k) - Installed a new kitchen ($11k) - Rebuilt a 2 story porch that was rotting ($12k) - Updated a bathroom, some electrical, storm windows, fencing, tree overgrowth - Dealt with a tenant who didn't tell us they had pets, to find out they had 7 huskies. SEVEN! :) Surprisingly no damage from that, was just funny they tried to get away with it. The other tenant complained of course. - We haven't lived in the area in 6 years so it's been difficult to work through much of this from afar.
But now the updates are all done and someone else will reap the rewards of our hard work.