After selling The Roach Duplex for an easy profit last week, we decided to take a look at a couple of the other duplexes that were listed for sale on the same street. We ended up looking at the one two doors down, just listed for $24,000 a couple days ago. It was exactly the same layout and design as The Roach Duplex, but in a bit better shape.
We called the agent and found out that there had been a lot of interest in the place and that a couple offers had already come in.
So, we immediately faxed over our full-price offer, with full-price ($24,000) in earnest money, and told them we could close as soon as they wanted. Well, I guess no-one else had offered full-price with $24K earnest money, because we had a verbal acceptance within a few hours.
We close on this one in mid-June, and while I don’t know what we’ll try to do with it just yet, we have several options. I think we could get it into rental shape for about $20-25K, and sell it to an investor for a reasonable profit. And we could probably wholesale it to another investor for a quick $5K like we did with The Roach Duplex. Right now, those are my two primary exit strategies for this one…we’ll put together a more detailed plan as the closing approaches.
I don’t have any good pictures of the duplex, but since everyone likes pictures, I grabbed this one from the MLS listing (notice the duplex in the far background on the left – that’s The Roach Duplex):