Three Unit Renovation

[Nicolas Dulac]

Investment Info:

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

Purchase price: $276,500
Cash invested: $40,000

When we purchased this property the total monthly income was $2,720. We removed tenants and put $35,000 in renovations to increase total monthly rental income to $4,000. For right now this is a buy and hold but after the renovations and at a 9% cap rate the value of the property is around $455,000. We have two options, refi out equity to purchase another property or sell this property and 1031 the gains into a larger property, we love options!