Great Deal Alert $550,000 - Duplex
The location is almost perfect, right in the heart of Echo Park, and walking distance both to shops and restaurants as well as Elysian Park.
Question: Why would a duplex in Echo Park, arguably the hottest Real Estate neighborhood in L.A., sit on the market for weeks on end and not sell ?
Answer: It was improperly presented to the market.
Here’s the story. It is not communicated, for example, that this property can be delivered completely vacant, yet I recently learned that is the case. It is also not known that this property can probably be had for about $550K, even though it is listed for $599K.
It may not rate high on the charm meter but it has so many other positives it doesn’t really matter. Here they are:
a) the location is almost perfect, right in the heart of Echo Park, and walking distance both to shops and restaurants as well as Elysian Park.
b) this duplex is actually a 2-on-a-lot, a pair of 2 bed 1 bath 900 sq ft units, meaning they are totally separate and also each have their own separate yards.
c) there is plenty of driveway parking, which is wide enough to park two cars side by side, and long enough to park 8 cars.
d) being delivered vacant, one could easily get $4500/mo rent, which means putting down 25% and buying it for $550K, and spending, say, $25K to upgrade it, the cash on cash return would be approx 13% !! Or, one could live in one and rent the other, and almost cover one’s whole mortage with the rental income.
If you want help with this one, or want to know more, contact me right away.