Updated about 1 month ago on . Most recent reply
Triplex in Telford, PA
Hello! I am looking at an off market triplex in Telford, PA and would love some feedback on the deal, especially from those familiar with the area. Here are the details.
Size: 2,400 square feet
Age: Built 1904
Siding: Brick
Interior and Exterior Condition: Very good and recently updated, does not need much work at all. Mechanicals mostly newer.
Heating: Oil but gas line available along road.
Unit 1: 1 bed 1 bath
Estimated Rent: $1,450
Unit 2: 2 bed 1 bath
Estimated Rent: 1,950
Unit 3: 2 bed 2 bath
Current Rent: $2,025 but could be $2,100
Extra Unit: 800 sq. ft. detached storage building
Estimated Storage Rent: $600
Total combined monthly rent SHOULD be around $6,000 per month. The seller is asking $550,000.
My main questions are...
1. What do you think of this deal overall?
2. Are my estimated monthly rents realistic? I'm not super familiar with the area and am doing my best to estimate with Zillow and Rentometer. I see some 2 bedrooms going for $1,500 and others for $2,200 so am really confused what I could realistically expect. The 2 bed 2 bath unit is already getting $2,025 but the 2 bed 1 bath is only getting $1,650. It is likely under market but I'm not sure by how much or what it should realistically bring in.
3. Does $550,000 seem like a good price for this? Most recently sold duplexes I see went for around $450,000. This has an extra unit plus a large storage building. I did see another triplex sold last year just down the road for $630,000. That however is listed as having 3,400 square feet vs this one at 2,400.
Would love to get some feedback on this and see what you all think. Especially from anyone familiar with the area. Thanks in advance!