Large multi-family (5+ units) buy & hold investment.
Purchase price: $345,000
Cash invested: $22,000
This was an 8 unit property (4 duplex buildings in a row) in a great class B neighborhood. The prior owners neglected the asset and it was a sight for sore eyes. I financed via 80% bank financing, 10% seller second and after prorations only 6.5% down. After cleaning up the exteriors and replacing a few bad tenants average rents are up nearly $125/mo/unit after just 18 months of operation.
What was the outcome?
Recently, a brokers appraisal came back between $525k and $575k based on the improved NOI on the asset. Looking forward to continuing to execute on the project and enjoy the great cash flow from it!
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