I’m evaluating an off market duplex. As a rental, the numbers are a little tight:
Price: 210k(haven’t negotiated yet but after first conversation I think she wouldn’t go much lower).
2/2 on both sides
No major repairs
Rents : 1k each side currently. Market rents probably support about 12 or 1300 per side
Property is in Texas so property taxes are high.
Definitely not a home run once you factor in maintenance, vacancy, etc.
However, the interesting thing is the house next door, which is a single family, sold for 365k. It is smaller, and was a 3/3. So I was curious...
How difficult would it be to convert to a large single family? With that price spread, I am thinking it could work as a flip.
Has anyone tried this before? Is it even worth considering?
@Jacob Forbis - have your realtor pull you comps for the area on this property. That will give you a clearer picture of your potential ARV for a conversion into a SFR. Getting creative, I like it!
Even converting, cost wise, it may not be worth the effort if the property was not originally a SFH.
As a rental you will need to push rents to $1300 otherwise it is not a worth while investment.
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