Updated almost 9 years ago on . Most recent reply
Turnkey Duplex - Currently 10% Cap Rate, 15% possible
Newly renovated duplex. Upstairs unit was completely renovated. New kitchen, bathroom, paint, flooring, carpet and new wiring. Upstairs has full appliance package, all stainless steel. Washer/dryer in-unit. Downstairs unit has new carpet. Both units have brand new water heaters, central AC, forced air heat. Among many more additional upgrades throughout the property.
Currently, 10% cap rate at 200k. Upstairs unit was rented at a lower out of season rate and can pull in another 2400 annually or more in August. The unit is half a block from a major Iowa private college, Drake University. Currently, fully rented to a family (Daughter and husband downstairs, mother/father/son upstairs). Lower unit has an extra $90 in pet rent and upstairs unit is $30 in pet rent. Netting an extra $1440 a year. Lower unit lease is month-to-month and upstairs unit is only until August to coincide with the school year.