Large Duplex in Dover Sold

[Jakob Mikhitarian]

Very Large Two Family sold in Dover in 2025 for mid $600’s

2 units with 5 bedrooms in each!

Great condition 

$325k/unit and approx $170/sqft. Shows a large disparity, which makes sense for two, 5 bedroom apartments. 

This would be interesting situation to see an owner occupying. I think this would be ideal if you had a bunch of friends and you all wanted to live together, each could chip in a fair amount. But that would be the interesting part, if you didn’t know anyone to room with, do you think it would be difficult to get the rooms rented? From when it was sold, current rent on the other unit was $2500/mo. 

In terms of expenses and mortgage payment, I’m estimating a $6200/mo. This includes capex, maintenance, and vacancy. If you found a way to rent out the other bedrooms for say $650, that would put the total income at $5100–which leaves your living expenses at $1100/mo. 

What do you think of this brief analysis? Should we account for higher rents in the other unit? Is it too risky since there’s only 2 units? Would you live here, or use it as purely investment? 

[Bill B.]

Is Dover a bad place to live? I was getting $500/mo per bedroom in my 4 bedroom house hack in a Mpls suburb more than 30 years ago. I assume $1,000/mo would be a steal. (2.4% annual inflation.) I assume you’re including utilities that would run an apartment renter minimum $300/mo for internet, heat, electricity, water. Maybe you should charge $1,100 or 1,200? 

But it's also a chance for you to enjoy life and do a solid for friends/family/co-workers, fellow church members and only charge them $900? Now imagine you get too much interest at your below market rent. And you do it on both sides. Or you offer whole house or by the room furnished STR or MTR.

I’m not saying it’s a good deal. I don’t know what the comps are. I’m just saying it’s easy to say it could be a good deal.  Imagine well off parents helping their kids get established or well off kids taking care of their parents and in-laws.  

Is there a chance it was ever a four plex or could be converted back in to one?

Good luck either way.