Great Deal Alert $499,000 - Duplex
A great property on a cool street in Angelino Heights. Lots of charm and character turn of century (20th, not 21st.)
Here’s yet another great deal for an income property, either for an owner-user or an investor. Here is why:
a) It’s a great property on a cool street in Angelino Heights. Lots of charm and character turn of century (20th, not 21st.)
b) If the current tenant in the two bedroom unit could be vacated (not out of the question at all**) it pencils out nicely (the one bedroom is already vacant, which is great.) These two would rent for approx $2250 and $1500 respectively. At $3700/mo, with 25% down, the cash on cash return would be approx 10%, with $1000 positive cash flow each month.
**”What I would do is get it under contract and, during due diligence period, find out what’s up with the tenant. I can help you with this as I have done it frequently. If he is willing to leave now, or if it appears he will be likely to leave in the near future, it’s probably a buy. If one doesn’t like what they see/hear during that time with respect to the tenant, then one can cancel escrow and move on with no penalty. Or, one can even write into the offer ‘to be delivered fully vacant’ and see what happens that way.”
c) It doesn’t appear to need a lot of work. In this location with this charm and character, there is nothing but upside, and lots of it.
There you go. If interested, contact me right away