Duplexes in Iowa City area

[Akimi Oya]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $332,000
Cash invested: $90,000

-Purchased a set of zero lot duplexes with a commercial loan.
-We had to put down 25% as these zero lots were technically zoned as condos. Financing for "condos" can be tricky sometimes.
-One side was vacant so we renovated that side and rented it out. The other side has a long term tenant.

What made you interested in investing in this type of deal?

I liked that it was a set of zero lots. I liked the location as it is close to Kinnick and the University of Iowa.

How did you finance this deal?

Commercial loan. We had to put down 25% unfortunately.