Looking for investor feedback on a duplex I toured in Fort Worth (76110).
Looking for investor feedback on a duplex I toured in Fort Worth (76110).
Property: Fort Worth, TX 76110
Approx. 1,312 sq ft duplex
Reported rents: $1,200 per side ($2,400/month gross)
Rentometer average for 2/1 units in the area: ~$1,286/month
Seller is asking $200,000.
My observations during walkthrough:
- *Noticeable floor slopes throughout both units (possible foundation concerns)
- *Roof has missing shingles and evidence of prior repairs
- *Windows all need replacement (10 windows in total)
- *Exterior brick/siding needs work
- *Paint, flooring, doors, framing, kitchens, and bathrooms need updating
Based on my estimate, I'm roughly around $35k in rehab, but I'm trying to determine what a realistic investor buy price would be given the rent potential and the deferred maintenance.
Question for the group: What would you pay for this duplex in its current condition, and would you view this primarily as a buy-and-hold play or a value-add flip?
Most Popular Reply
- Property Manager
- Royal Oak, MI
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All great feedback so far, but what happens if you find out:
1) Foundation has been this way for decades and is NOT expected to worsen?
2) Roof will last another 10 years with minor repairs?
3) Windows are old, but work fine?
4) Exterior just needs minor repairs?
5) Kitchens & baths are right about average for the market?
TOO MANY investors want to repair properties like they'd be living in them!
Or, they want to replace & fix everything to make the property "low maintenance" for the immediate future.
HIGHLY recommend you personally tour local comparable rentals to see what the market expects.
If you don't learn what, "Maintain to the Market" means & put it into practice you'll find it extremely difficult to ever cashflow.
- Drew Sygit
- [email protected]
- 248-209-6824
