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#1
Positive Cash Flow
$230,000 asking price
2 units: both 832 sf 2/1’s
Current rents: None - vacant
Market rents: $995 = $1,990/mo total
Reno estimate: $15k
Additional notes: Fully renovated side-by-side duplex. Current owner has only owned for the last 6 months so it appears that this is a flip.
Exterior looks nice as well as the interior upgrades - roof is less than 6 months old. Assuming $15k total capex in case it's a cosmetic flip
and additional work is needed, but it shouldn't be necessary. Current taxes are extremely low at $680 for 2022, I assumed $1200 on this
model to be safe. One side is occupied without a lease, so they can be kept or removed depending on buyer's preference. Rent amount is not listed.
$995 projected rent might be on the low side.
Pro-forma: 5.9% cap rate, 11.5% total return in year 1
Photos: Request
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#2
Up to 1-Year Stabilization Period
$1,750,000 asking price
9 units: (4) 590 sf 1/1’s and (5) 850 sf 2/1.5’s
Current rents: $9,915/mo total
Market rents: $1,095 (1/1’s) and $1,345 (2/1.5’s) = $11,105/mo total
Reno estimate: $95k
Additional notes: Income and expenses taken from the listing - need to verify with actual rent rolls and P&L statements. Current rents are given as a total,
not per unit, so I averaged them out for the as-is scenario. Units 1 and 2 have no parking, 3 and 4 have 1 parking space each, and 5 through 9 have
2 spaces per unit. That means there are 12 total parking spaces, likely possible to spread them to each unit or generate additional income with higher
rents/added charges for having a parking space. Pro-forma scenario assumes an additional $75/mo per parking space. Rental grade units,
assuming $10k capex per unituntil we can see all of them.
As-is performance: 3.7% cap rate, 7.1% total return in year 1
Pro-forma: 4.7% cap rate, 9.3% total return in year 1
Photos: Request
#3
$899,000 asking price
2 units: both 1,711 sf 5/2’s
Current rents: $2,700 = $5,400/mo total
Market rents: $2,995 = $5,990/mo total
Reno estimate: $20k
Additional notes: Side-by-side duplex, fully finished basement, each unit is a 5/2. One unit occupied through July (exact move out date not listed),
the other unit is vacant and recently updated. Shouldn't need any reno but the occupied unit might need a turn. Assuming $20k total capex if necessary.
As-is performance: 4.4% cap rate, 8.3% total return in year 1
Pro-forma: 5% cap rate, 9.7% total return in year 1
Photos: Request
#4
$865,000 asking price
4 units: (2) 2/1’s and (2) 3/2’s
Current rents: $1,250 (2/1 avg) and $1,350 (3/2 avg) = $5,200/mo total
Market rents: $1,295 (2/1’s) and $1,595 (3/2’s) = $5,780/mo total
Reno estimate: $45k
Additional notes: Need to verify current rents with leases - expiration dates unknown but they are either MTM or have a short remaining term.
Unit sizes unknown, just the total sf. Assuming the 3 bed units have 2 full bathrooms, might be 1.5 - need to verify as well. Other income comes
from the coin-op laundry facility. Some interior updates shown in the photos but appears to be rough around the edges (trim, walls, exterior, etc.).
As-is performance: 4.6% cap rate, 8.6% total return in year 1
Pro-forma: 5% cap rate, 9.5% total return in year 1
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#5
Positive Cash Flow
$800,000 asking price – Off-Market
2 units: both 1,512 sf 3/1.5’s
Current rents: Unknown – one unit is vacant
Market rents: $2,450 = $4,900/mo total
Reno estimate: $35k
Additional notes: Off-market side-by-side duplex. Each unit is a 3/1.5. Assuming $15k capex per unit to make this a full B-class property until we can fully inspect it.
The vacant unit that's advertised for $2450 has been listed for 8 days and has 73 views with 4 contacts in the last week, so it seems to be priced reasonably.
Pro-forma: 4.6% cap rate, 8.5% total return in year 1
#6
$750,000 asking price
4 units: (1) 1/1, (2) 2/1’s, and (1) 3/1
Current rents: $1,000 (1/1), $1,350 (2/1 avg) and $2,000 (3/1) = $5,700/mo total
Market rents: $1,095 (1/1), $1,445 (2/1’s) and $2,095 (3/1) = $6,080/mo total
Reno estimate: $100k
Additional notes: Owner says 2400 total sf, tax records says 1981, so the additional 500 sf is likely unpermitted. Non-conforming quad - legal triplex with unpermitted
1/1 unit in the basement.
Never remodeled, assume $100k in cap ex. (30k a unit plus 10k for systems). Roof was replaced in 2013. Appraised for $825k as-is early May.
Re-zoning to make this a legal quad may be possible.
As-is performance: 5.7% cap rate, 11.5% total return in year 1
Pro-forma: 5.5% cap rate, 10.4% total return in year 1
#5
$565,000 asking price
2 units: both 650 sf 2/1’s
Current rents: None - vacant
Market rents: $1,745 = $3,490/mo total
Reno estimate: $10k
Additional notes: 2022 taxes were under $900. I put $1400 on the model due to the extensive renovations and likelihood for a sharper increase.
Entire property renovated in 2022, including systems (sewer, A/C, electrical, windows, water heaters, etc).
Including $10k for capex in case some smaller items need to be addressed, should be turnkey though.
Also assuming both units are vacant.
Pro-forma: 4.7% cap rate, 9% total return in year 1
#6
$580,000 asking price – back on market
3 units: (2) 520 sf 1/1’s and (1) 1,032 sf 2/1.5
Current rents: $1,175 (1/1’s) and $1,725 (2/1.5) = $4,075/mo total
Market rents: $1,245 (1/1’s) and $1,795 (2/1.5) = $4,285/mo total
Reno estimate: $25k
Additional notes: 2/1.5 unit is an older single-family home, the 1/1's are part of a duplex that was built in the '70s. All units are occupied,
lease expiration dates are not listed. Interiors look nice - nothing high end but clean overall with moderate updates.
As-is performance: 5.1% cap rate, 10% total return in year 1
Pro-forma: 5.3% cap rate, 10.2% total return in year 1
#7
$379,950 asking price
2 units: both 912 sf 2/1’s
Current rents: $1,300 = $2,600/mo total (one unit currently vacant)
Market rents: $1,300 = $2,600/mo total
Reno estimate: $20k
Additional notes: One unit occupied (lease expiration date unknown), the other unit is vacant for showings. Photos only show the vacant unit.
That unit looks nice and shouldn't need any renovations. Assuming $20k capex to be safe. Seller property disclosure looks clean, no major issues noted.
In-place rent scenario assumes the vacant unit gets $1300 like the occupied one.
$1300 appears to already be market rent and may include utilities - need to verify since we
don't have utility costs on the model.
As-is performance: 4.9% cap rate, 9.4% total return in year 1
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