I have a 5-plex for sale in Medford that that a very industrious person could do really good things with. I imagine this resourceful person to be someone with skills in renovating houses. They would be someone who is willing to do the work could upgrade the house and the rents by occupying and renovating one unit at a time. Then moving to another unit and doing the same.
Current rents on the property are $2550 per month for all 5 units. The most expensive unit rents for $650 a month, and the lowest is $475 a month. All of those rents could be increased with some work. Even if one didn't want to live and renovate a unit at the same time, they could afford to leave one unit vacant while doing the work.
But say a person decided to live and renovate the most expensive unit. Rents would still be $1900 on the other units. Raise the rent on that one to $800 after the renovations and move into a $475 a month unit. Rents would be $2225 a month then.
If renovations could increase all rents by $150 a month, then at the end there would be $3300 a month in rents. Or almost $40,000 a year.
It is listed at $300,000. With 20% down ($60,000), at 4.5% interest Principle and Interest is around $1216. Add Taxes and Insurance that goes up to around $1525. (estimated)
So with one unit vacant and under renovations, the other 4 units would cover the mortgage.
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