By Living Room Realty, August 31, 2020
Today I talked with Kara from Afternoon Live about multifamily houses in Portland. To see the full 7 minute video, click here
Here’s an example of a duplex that was for sale in Portland that I thought was a great long term investment.
- 1950s side by side 2 BR/1 BA multifamily (duplex) with Tuck-under garages.
- It was already vacant and in extreme disrepair when we bought it.
- NE Portland- Alberta Arts area.
- Current 2 Bedroom rentals are roughly $1600-$2200
- Current 3 Bedroom rentals are roughly $2500-$3000/month.
- We decided to finish the lower level, adding additional bath, bedroom, and bonus living space. Each unit will now be 3 BR/ 2 BA.
- Better use of space (more people can live in the property)
- By adding this additional finished space, it will bring in more rental income to cover the cost of the renovation work
- That extra monthly income will pay for the additional renovation work over 8-10 years.
- By updating everything, there will be few if any large maintenance expenses within the first 7 years. This makes profit and loss a little more predictable.
Not in the buying market or interested in multifamily, but thinking of selling your home? Check out my tips here.
