South St. Louis Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment in St. Louis.
Purchase price: $152,500
Cash invested: $22,000
2 story brick duplex with sided addition, detached garage and open carport. 2 units (upstairs/downstairs) each with 2.5bed 1bath at 1,200 sq ft with shared staircase and walkout basement with washer/dryer and storage.
What made you interested in investing in this type of deal?
It was my first real estate purchase and I wanted to offset the mortgage payments while living in it and eventually hold it as an investment property.
How did you find this deal and how did you negotiate it?
MLS with an agent.
How did you finance this deal?
3.5% down 30 yr. FHA mortgage around 5%.
Later refinanced to a 15yr. at 3.75%
How did you add value to the deal?
Replaced plumbing, roof, gutters, 1 AC unit, 1 bath and 1 kitchen.
What was the outcome?
Great cashflow. Looking to pay it off in a few years.