Triplex is a bust
Unfortunately, the triplex is a bust. Great location, but a ton of work. Mike though it woudl be $30-70K, but readily admits estimating rehab is not his strength. I'd put it on the high end. Its an older duplex that's been convereted to a triplex. Floor plans a choppy. The best of the three is a 3/2, but you have to go through one bedroom to get to the last one. The other two have weird floor plans with steps up or down to one of the beds. I'm sure this made sense at one point, but its been ameture hour at the home improvement store and now its a mess.
Of bigger concern is that its partially rehabbed. A fair bit of work has been done, but things are half done. Stripped to the studs in some areas, writing dangling out. Part of the siding has been covered with OSB. What's up with that? At least four of the bedrooms are in the basement and lack proper egress. Two of the units share electric and gas service.
Mike's thought, and its a good one, is to do a minimal fixup now, get it rented, then scrape it in the future. Its only about three blocks from a future light rail station, so that's actually a great plan. Trouble is I don't see how to do a minimal fixup without spending a ton of money.
Maybe I'll have a second look.
Comments (3)
Hi Jon, On repairs if you can get a handy-man that'll be a lot cheaper, instead of Lic. Contractor. If you're in my area, there are plenty of handy-men. I did construction for 8 yrs. in NYC metro area, now thats what I do. As for as your refinancing concerns that is the best strategy. Did Bank/ Lender lend you on investment proprty?Good Luck.
Hassan Malik, over 15 years ago
They were asking $120K. I think the rents would support more like $80K. ARV is always troublesome on properties like this, so I'm not sure what that would have been.
Jon Holdman, almost 16 years ago
Sorry it was a bust. How much were they asking for it and how much would you pay for it?
Jeff Wilson, almost 16 years ago