GOOD BONES IN A BOYLE HEIGHTS SPANISH DUPLEX...DOUBLE VACANT!!

THIS HUGE BOYLE HEIGHTS BABE HAS MAJOR POTENTIAL.

2531 Fairmount St. Los Angeles, CA 90033. 6/2 Duplex. 3274 sq ft. $699k

My favorite word when looking for rental properties or income properties is the word VACANT.  You can remodel without disrupting anyones lives and you can charge market rents. REPEAT. You can charge market rents. 

When you pencil out a rental property, there is the now value and the future value. Selling agents like to call this "Upside" and it is. Down the line the property will bring in more income than it does now. But what if you can have that upside now? That's what you get when you get VACANT.

BOYLE HEIGHTS

People are talking about Boyle Heights. It's minutes from the Arts District in Downtown Los Angeles, it's a part of the LA River Revitalization Projects and the 4th Street Bridge Re-Design. There is a gorgeous green park called Hollenbeck Park, it's artist friendly community. It's  Echo Park, Silverlake, China Town and East LA adjacent. It is centrally located on major freeways and there are a tons of beautiful vintage homes built in the early 1900s. 

So what's the market rent in Boyle Heights? The easiest way to find out is look for an apartment. Craigslist, Zillow, Westside Rentals, Hot Pads... there are a lot of ways to comp rent. You just have to do some homework. In Boyle Heights,  a stylishly remodeled, charming 3 bedroom apartment with parking and an outdoor space will rent for about $2700/month. That is what I would estimate you could get here with some light remodeling. But again, do your homework.

Take a look at some of the interior photos. Arches, high ceilings, wood floors, a beautiful  fireplace and original windows. It's got such lovely lines and major design potential.

An Original  1920s Bathtub and medicine cabinet.

I would say you need to plan to refinish floors, paint the interior, update plumbing and electrical as needed, remodel the bathroom and kitchen, create a lovely back yard space with defined parking and clean up the building as it looks to have a little deferred maintenance. An inspection in escrow will allow us to see what's really needed. 

Look at the cove molding! It's amazing! Check out those windows and arches. Pretty!

What this building does have is beautiful bones and charming original details that honor the soul of this 1920's Spanish duplex. The original windows seem to be still intact and the interior arches will make some lovely pathways and interior space. There is a lot going for this design worthy duplex and remember.... VACANT.  This is a very good looking deal from the outside. 

DOES IT PENCIL OUT?

Yep! and pretty good too! Check it out below.

Purchase Price : $699K

25% Down Payment= $174,750

Initial Improvements/ Rehab = $50,000

Mortgage + Expenses (Gardner, Insurance, Taxes + Mortgage)=$3670/mo

Projected rent per unit= $2700/mo

Total Monthly Income= $5400/MO

Cash Flow =$1730/MO

Thats about a 9% Cash on Cash Return. Month over Month. Year over Year. AND the property will continue to appreciate. Someone else will pay your mortgage and build your equity. You get to make some passive income every month to the tune of about $1700.  If you like this idea and want to check out this REALLY GOOD DEAL of a duplex, then reach out. We can help you get started. This is what we do.

Craig@Maisonrealestate.com