Updated over 9 years ago on . Most recent reply
Auction.Com Duplex
So this story starts in March with an Auction.com offering of a duplex, near to an existing triplex in New Britain Connecticut. The auction started at $56,000, and I did not bid past $75000. So the auction ended- reserve not met, and I did not win. I was contacted within two days of the auction, and was told my offer was accepted. Long story short- I bought this over under 3 BR/ 1 bath duplex in a nice area of New Britain.
Spec: 2456 square foot
Purchase price: $75000
Rehab project: $9200 roof
$16800- paint, flooring, new appliances.
Units: 1100 sq foot 3 bedroom 1 bath with washer/dryer
End lease price estimate from $1000- 1100 per unit.
ARV value: $150,000
Cash out refinance: 70% LTV. Netting $105,000
Total Cash in after refi: $-5,000