True cash flowing duplex. 15 minutes outside Gainesville, FL
I am in the process of liquidating my portfolio to retire abroad. I scaled from this first property to boutique hotel owner. While there is a property manager in place and the asset could be retained, my preference is to use the equity to purchase something closer to my future residence, ideally near the beach for partial personal use.
This property was originally purchased for $150,000. In the past year, significant improvements were made: $15,000 spent reinforcing the foundation, a new stairway to the upstairs unit ($2,300), HVAC replacement ($5,000), and a complete interior remodel. The bottom 3/1 unit rents for $1,350/month with 10 months remaining on the lease, and the tenants are interested in renewing with a new owner. The top 1/1 unit rents for $950/month with 11 months left on the lease.
The property is zoned for the addition of two more doors. Both the Mayor and city manager have met with me multiple times, encouraging further development on the site as the area is seeing significant investment and growth, including a newly built library across the street and the renovation of the main street. The location is three blocks from schools and city hall so a lot of rental demand.
This is a strong cash flow property. For more details, please reach out directly on BP. I am a licensed agent in Florida but do not want to add to MLS right now. I have posted on zillow but prefer to find a fellow investor from BP for a better story. Preferably smaller investor like myself. $215,000 price.