90th Place (2 units)
Purchased: April 2021
Price: $385K
Terms: Fannie Mae 30 year, 3.5%
Exit: Hold for now until comps reach $850K+
Overview: The property was trashed when we purchased it and needed about 120K in materials and labor to get it looking brand new on the inside. It has stayed full for three years straight, grossing 4,900-5,000 per month in rents, between both sides. Operating costs and taxes are not too high in Westminster, and we got this loan during the rush of 2021 to refinance when rates were in the 3s for investor. A great deal!
Exit Summary: There aren't many comps in the area for duplexes but we will wait until the next hot market to sell. For now, we can borrow against this asset to finance other projects or renovations and it cashflows well in the meantime.
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