3/2 North Minneapolis Duplex

[Ryan Flanagan]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $252,500
Cash invested: $15,000

2,400 sq ft 1925 stucco true duplex - 3 BR down, 2 BR up. Currently doing a live-in remodel on the 3 BR first floor unit which was in more immediate need of updating.

Scope: New kitchen, new bath, refinished the 95 year old white oak (front of house) & birch (hallways & bedrooms) floors, retrimming some areas to remediate shoddy work that had accumulated over the years, lots of cracked plaster repair, restored painted door & window hardware, and fresh paint throughout. Pictures to come!

What made you interested in investing in this type of deal?

We felt that a duplex on the MLS with significant but mostly cosmetic deferred maintenance, a relatively clean TISH, and at least one least one group of tenants that we could keep in place provided the right balance of risk and return for our first investment.