Two adjacent duplexes in Raleigh NC metro — finish the renos or sell as-is?

Question

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Chris Martin · Answer

You didn't provide any details so we, collectively, really can't help you. Location matters. I've found that first time posters sometimes consider Raleigh "metro" to include places like Wilson and Rocky Mount. Hardly accurate IMO.

Post some details and you'll get a lot better responses.

Jules Aton · Answer

Decent neighborhood? In my experience even after considering the added expense and annoyance of rehabbing that is generally the way to get the best return. I’ve only sold one duplex as-is in an effort to avoid the hassle and likely extended time to market in 2022 as rates were rising. While it was a fast cash offer that I put in a low fee total stock market index fund that increased nicely in hindsight I definitely left money on the table.

Marc Winter · Answer

@Anthony D.,

Let's look at the mental process the seller and buyer go through with an unfinished project:

Seller:  It will cost me $5000 to fix this item in the kitchen,

Buyer:  It will cost me $10,000--15k to have this item in kitchen repaired/replaced.

Having been through this dozens of times, I can flatly state the psychology is always the same:  it is CONSISTANTLY less expensive for seller to do the work than to knock off double or triple the 'actual' cost of repair on the sales price.

Now that doesn't always mean it is the best solution:  If you've got plenty of equity but little/no time (or help) to accomplish the task, then give that gift to the buyer and move on.

Good luck.

Lacey S. · Answer

Do you want the money or your time? LOL

Imo, you will make more money if you rehab them first. A buyer will want to be paid for the hassle of doing the rehab.

Two adjacent duplexes in Raleigh NC metro — finish the renos or sell as-is?

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