Deal or No Deal Triplex in Bethany, OK

[Brandi Smith]

My first rental property will be paid off by November of this year, and I originally planned to purchase next property within the year afterwards. I came across a Triplex 5 miles from my home, 2 blocks from a good college, and basically across the street from an A+ popular highly sought out school district. 

The units are small ( about 400 sqft) but lot is 5600 sq ft. House next to it is brand new and very pretty. 

4610 N Asbury Ave, Bethany, OK 73008.  Selling Price $205k. Feel free to check it out. 

Top Unit – $725/month, Bottom Unit – $650/month, other unknown but occupied by a tenant of 20 years..

I'd want to change out the window units to mini splits (probably newer electrical lines), repaint outside and maybe add an outdoor living space. I am unsure if they have individual meters for utilities. I would probably get a loan or HELOC on home for about $75k to cover upgrades and holding time.

What do you think?

[Alex Morales]

The location sounds solid with the college proximity and A+ school district. Those two factors usually mean stable tenant demand.

Let me run some quick numbers based on what you shared:

If you get all 3 units to $725-750 range (which seems reasonable for the area), you're looking at roughly $2,175-2,250 gross monthly rent. At $205k purchase with 20% down, you're financing around $164k. Depending on rate, your PITI is probably in the $1,300-1,400 range for a triplex.

That leaves maybe $800-900 gross before vacancy, maintenance, and CapEx. On paper that works, but the $75k in upgrades changes the math significantly. Mini split conversions with electrical upgrades can run $15-20k+ for 3 units depending on what the panel situation looks like. Make sure you get real bids before committing.

The 20-year tenant is interesting. They might be paying way under market or have some informal arrangement. I'd want to know that rent amount before making an offer since it could swing your cash flow projection either direction.

Few things I'd verify: Are the units separately metered for electric? If you're paying utilities that eats into margins fast on 400 sqft units. Also check with Bethany on any rental permits or inspection requirements.

Honestly for your second property and being 5 miles from home, the operational simplicity of a triplex near a college is hard to beat. The numbers look workable if your upgrade costs stay reasonable.