All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowReal Estate Deal Analysis and AdviceArrow[Calc Review] Triplex Analysis
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

[Calc Review] Triplex Analysis

7 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 5

Nick Beeler
Rental Property Investor from Liberty Lake, WA

posted about 1 month ago

Hello all!

I would love feedback on the numbers in this analysis. If you are familiar with the Spokane C class neighborhoods, let me know what you think about this deal. Would you take it?

Also, what is your favorite way to fund this type of property?

The reason I did not jump on this was that it shares the same lot as a 4-plex, so it would make sense to buy all 7-units and perform rehab as a single project. In other words, I would be required to bring a lot more cash to the table, and I was not looking to take on that level of rehab in a part of town I am not as comfortable in.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 20
  • Votes 23

Michael DeHaan
Rental Property Investor from Spokane, WA

replied about 1 month ago

From a perspective of buying multi's on the market in Spokane it seems pretty reasonable to me. Finding Multis with decent COC potential on the market is extremely difficult in Spokane these days unless its some kind of weird hacked up 100 year old single family. We have found listed Multi families to typically be absurdly expensive for the rent potential. Also not sure where this one is, but we hold properties in a number of the "C Class" areas currently (We own in West Central, Hillyard, Chief Garry Park and East Central) and honestly they are almost easier rentals than some of the A/B class properties we own just because those tenants want some stability in their housing and arent looking to move around much!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 62
  • Votes 30

Jonathan McKay
Investor from Spokane WA

replied about 1 month ago

@Michael I came to the diametric opposite conclusion this year. I exited Hillyard, West Central and Chief Garry because I ended up getting more difficult tenants and it was a headache to manage small mulits in these neighborhoods. I must have been doing it wrong, so curious what your secret is!  

Rotate Log in or sign up to reply
user profile avatar
  • Posts 62
  • Votes 30

Jonathan McKay
Investor from Spokane WA

replied about 1 month ago

@Nick Beeler this looks like a reasonable deal. But I would want more details to really make a call. What neighborhood, where precisely in that neighborhood? Deferred maintenance? What size units?  Recently sold triplex in Chief Garry, 4-plex in hillyard and 4-plex in west central so those could be good comps. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 8
  • Votes 5

Nick Beeler
Rental Property Investor from Liberty Lake, WA

replied about 1 month ago

@Jonathan McKay , This is in the Chief Garry area. I went through with my agent and estimated a conservative $15,000 per unit to get it rented at around $1,100 (Pending and inspections and due diligence phase). Mechanical, electrical, plumbing and structure look solid at this point.

Each unit is about 900 sq ft with 2 beds 1 bath. I see a triplex that sold in December that looks pretty comparable (better condition).

@Michael DeHaan , Thank you for the feedback. It is nice to hear different perspectives from people with experience with the area and type of property.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 62
  • Votes 30

Jonathan McKay
Investor from Spokane WA

replied about 1 month ago

@Nick - I think the price that you could get in this area will depend on if it is north of Mission or not, and just how close it is to the river. That being said with $15k / unit you can do a lot. 

I sold 1202 N Pittsburg, and I'm not sure I could rent the 2bd 1ba for more than $1000, even with high end finishes. There's also a triplex on Zappone on the market that could serve as another reasonable comp, maybe closer to what you are looking for. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 9
  • Votes 7

Robert Kincaid
New to Real Estate from Spokane, WA

replied about 1 month ago

@Nick Beeler

I would think the rent would be more in line with the $900-$1,000 range if finished nicely, but you will be fighting the neighborhood for that value. 

I know what buildings you are talking about and I fell into the same boat but my analysis ran into cashflow issues. I was not as optimistic about rents but I could very well be wrong about that. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 15
  • Votes 6

Sean Tobin
Real Estate Broker from Spokane, WA

replied about 1 month ago

@Jacob Radawick , I thought you may be able to comment on what @Jonathan McKay is saying about Zappone since you are familiar with that area now. 

Rotate Log in or sign up to reply
  • 1
Related Resources Real Estate Deal Analysis and Advice
Do Your Due Diligence Before Digging Up Dirt: Investing in Vacant Land 101
Best Deal Ever: How a Postcard Gets the Phone Ringing
Meet the Investors: I Sold My Wife on House Hacking With a PowerPoint (& Soon We’ll Live for Free!) Featuring Joaquín Camarasa
Meet the Investors: How I Earn $800/Mo on a Single Property (That I Don’t Even Own!) Featuring Julian Sage
Best Deal Ever: How a 150-Day-Old MLS Listing Paid Off Big Featuring Joe Lieber
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Justine Ade
Justine Ade
Champaign, IL
9.23
Score
Casey Powers
Casey Powers
Las Vegas, NV
6.71
Score
Joshua Dorkin
Joshua Dorkin
Denver, CO
6.43
Score
Dylan Fellows
Dylan Fellows
Wichita, KS
4.45
Score
Joe Villeneuve
Joe Villeneuve
Plymouth, MI
4.44
Score

Real Estate Deal Analysis and Advice Trending Discussions

  • Looking for a Rehab Spreadsheet?
    1 Replies
  • Best way to find or estimate rent prices
    14 Replies
  • House Hacking in LA - do my numbers & ideas add up?
    1 Replies
  • Mobile Park Home Purchase Question - Lot Rent
    2 Replies
  • Intro: Newbie Investor in Duluth, MN
    11 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.