5 bed, 2 Bath Single Family Home House Hack

[Kenny Smith]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $430,000
Cash invested: $52,000

5 bed, 2 bath Single Family home, 2400 sq ft. This home was very unique in that it was perfectly set up for a house hack. We knew we were looking for a single family home in which we could convert into a non-conforming duplex. This was a perfect set up as it had a side entrance into a finished basement with 2 bedrooms, bathroom, and full kitchen. We were able to live in the top floor while we airbnb'ed the basement for a year.

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

This property was perfectly set up for a nonconforming duplex and house hack.

How did you find this deal and how did you negotiate it?

MLS, and we went $20k over asking to get it under contract. The market was very hot at this time, and houses were going well over asking in most cases.

How did you finance this deal?

5% down Conventional Loan

How did you add value to the deal?

We were able to do several renovations such as complete overhaul of the landscaping, central a/c, light fixtures, patio, and other minor renovations to improve the equity in the property.

What was the outcome?

$2800 monthly cash flow
$131k in equity growth since 2020