Coin Operated Washer and Dryer
Hi Everyone, I currently have a tri-plex and one of my dryers is getting ready to die. I have a consumer washer and dryer and thinking of switching to coin-operated appliances. Anyone has insight if I should switch to having the tenants pay or keep their rents competitive to provide in-house washing and dryer?
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- Real Estate Broker
- Tampa Bay/St Petersburg, FL
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In my experience, coin-op will likely be a net negative for you (as far as income and expenses are concerned) on a triplex.
The machines cost 3 times as much, and cost 3 times as much to service and repair, and three rental units just will not generate enough income to create any positive ROI.
A rule of thumb I've see and experienced is around 10 units is the breakeven point for coin up machines.
One alternative is to just implement a flat monthly fee for unlimited use of the non-coin-op machines.
- Jeff Copeland
