We’ve been looking for an opportunity to scoop up a Revere rental property, and came across this duplex through a contact. After some TLC, these units are rented up and will provide strong cash flow over a projected 3-5 year hold period. This building was sold in November, 2020.
Our first multi-family building, a 6-unit in Manchester, NH. Purchased fully occupied with rents significantly under market. We’ve since rehabbed 5/6 units, re-sided the building, separated out the electric and reconstructed some of the decks and porches.
This condo was bought out of foreclosure and is another unit we watched continue to go down in price over ~60 days (started at $270 and purchased for $205k). One risk in any condo situation are the other owners / tenants. In this case we had to deal with both. There was a family living in the unit directly above the unit with kids who ran around all night like there was a 24 hour game of tag going on. The 3rd floor unit was owned and occupied by the HOA trustee. To say she was displeased with the tenant activity in unit #2 was an understatement. It was almost daily that she would send emails / call to myself and the other owner about noise coming from that unit. She also was firmly against improving the exterior of the building, despite desperately needing painting / carpentry work on the siding. Eventually she caved, but it took almost 4 months of begging.
This project started out as a single condo rental (unit #1) that was purchased out of REO. At around the 6 month mark, the upstairs unit (unit #2) went into foreclosure. My thought process was that it would be great to control the whole building and make exterior improvements without needing to go through another party for approvals / assessments (#condolife). I knew the unit would need substantial work (the door had been busted in so I could clearly see the condition), but at the right price it was worth the headache.
At the time, this was the most extensive rehab project I had taken on. To date, most of my rentals had been nothing more than tiling, painting, and minor repairs. For this project, we:
- Added a brand new en-suite master bathroom
- Opened wall leading from dining room to upstairs
- Rehabbed 1.5 additional bathrooms, including the smallest full bathroom possible
- New kitchen counters / appliances (cabinets were in good shape so left as-is)
- Paint, trim, molding throughout