Small multi-family (2-4 units) buy & hold investment in Blue Mound.
Purchase price: $86,000
Cash invested: $145,000
In August 2018 we purchased a 3/1 1077 sqft house for a total cost of $86K.
We had a complete renovation that brought the house up to 4/2 and 1,700 sqft. We added a mother in law unit that can be rented separately. Renovations were complete in Jan 2019
What was the outcome?
Contractors: $28,388.03 Insurance: $645.65 Meals: $868.39 Job Supplies: $32,604.29 Travel: $70.00 Utilities: $381.05 Total cost of renovation: $62,957.41 Total Money spent on project: $148,957 Estimated House Value: $180K Upside Equity: $31,043
● Main house: $1,400 ● ‘Mother in law’ unit: $900 ● Shed rent: $100 ● Total per month: $2,400 ● Total per year: $28,800
● Property tax: $2,450 ● Insurance: $1,200 ● Repaires: $2,400 ● Management Fee: 8%
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