Very Clean Duplex in Deland With High ROI W Volusia Ave., Deland FL 32720
If you are looking to move where the real estate trends are already heading, then multi-family portfolios are where you should be putting your money. This property is already rented, cash flowing, and needs some minor repair. Both tenants are great tenants who want to stay, need a few things fixed, and have good paying jobs. You are within a couple of miles from Stetson University as well.
The roof on the front unit was done last year and the the back roof was done 6 years ago. There are some mismatched shingles, so I am assuming it wasn’t a complete re-roof. The bathrooms were remodeled last year but still need a little bit of plumbing work, electric is in good shape, and seller put ceramic tile thru out the houses last year, but back unit will need new carpeting. You will want to add central A/C at some point. Both houses have a small sag in the floor that we think need a floor joist or two to be sured up. You have a crawl space so this shouldn’t be a tremendous issue. Finally, you have a tree that needs to be removed, as it is hazard.
Currently, the front house is rented for 700/mo and the back house is rented for 500/mo. They are both on month to month leases. Per the market, 1/1 should be paying anywhere from $650 to $725/mo and 2/1 should be paying anywhere from $800 to $900/mo. If you use what the market asks for, that gives you a yearly cash flow of roughly $17,800. If you are purchasing at $79,900 and figuring in $20,000 for adding ac and the other repairs, that puts you at just under 18% raw ROI!