Are you looking for a unique investment opportunity? Look no more. This home is a unicorn when it comes to investments. There are multiple angles and exit strategies that can be used to accomplish your goals, whatever they may be. This property has 2 homes on one parcel that is grandfathered in so you are legally able to rent them out. Property one is 2,528 sq ft, 4 bed, 2 bath with a 2 car garage. Home 2 is 840 sq ft 2 bed, 1 bath with a one car garage.
Investment strategy 1 – Buy the homes and live in the smaller home for free.
How would you do that you say? Well, the front house is currently being rented for $2350/month. The back home can be rented for $1250/month. If you get a mortgage with 25% down ($156,000) on the sales price of $625,000 then your approximate payment would be $2,521/month. By renting the front house and living in the back house, then rent from the front house would cover your entire mortgage payment and you would be living for free!
Investment Strategy 2 – Buy both homes and rent them out. Collect $1250/month in profit!
This strategy works just like I described above but instead of you living in the home you rent out the back home and collect rent on it which in turn gives you $1250/month is pure profit!
Investment Strategy 3 – Buy and rent/live in one, build a new home out back.
Lucky for you this property qualifies for a flag lot. That means the back home can be subdivided and split off from the main home and then you would have 2 separate homes and lots. What’s the catch? Well, the current back home does not meet setbacks so you would either need to move the home about 15 ft north and 15 ft west or tear the house down and build something new that fits within setbacks. A new build could get up to 4,500 sq ft home and you could then live in that new home or flip it for a profit! All the approvals are finished and the home would just need to be moved or torn down to finalize the subdivision and plat.
Call now to set up a showing. Both properties are occup
ied so please schedule a showing and do not disturb tenants.