Manchester Condex 528

[Johnna Brown]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $173,000
Cash invested: $34,000

Bought this townhouse style Condex in March 2020 for a tenant that had outgrown one of our other units. Rented for $1500/ month. Refinanced to a 15 year fixed mortgage at a rate of 2.75% in April 2021. Increased rent to $1650/ month in 2025. Same tenant still there.

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

Looking for a larger place for a current tenant, needed to be able to cash flow

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

Found in the MLS, came on in the morning, saw it during lunch and made an offer that day. Was able to get seller to provide $3400 seller credit

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

Just held and build equity. No repairs were needed, I rented it out immediately after closing. Eventually added Rinnai natural gas heater to save tenant costs on electric heat.

What was the outcome?

Still own property and while it is not cash flowing as much because I refinanced into a 15 year loan in 2021 it will be paid off sooner than originally expected and same tenant is still there over 5 years later

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself as my buyers agent. Listing agent was the seller so made it easy to communicate