We are currently selling a Duplex in Orem. It is an up and down unit, located at 493 N. 680 W. in Orem, UT. It is positioned on a large .21 acre plot. We currently live upstairs, and are renting out the downstairs.
We just finished all the renovations on this great duplex. To date, here is a list of the things we have done all in the past year:
Top Unit - 1,065 square feet - rent potential $850/month
-replaced all carpet pad and carpet in all rooms
-installed new tile pattern vinyl in entry, bathroom, and kitchen
-1 coat primer, 2 coats paint on all surfaces
-new brushed brass light fixtures
-replaced appliances in kitchen
-1 year old water heater
-new base board in kitchen and bathroom
-re-textured entire ceiling
-new trim around all windows
-new 2" wood faux blinds
-new door hinges and handles on all doors
-new hardware on all kitchen cabinets
-new paint on all kitchen cabinets
-new vanity sink and faucet
Bottom Unit - 1,036 square feet - currently rented at $700/mo
-retextured entire ceiling
-replaced all carpet pad and carpet in all rooms
-installed new ceramic tile in entry and bathroom
-1 coat primer, 2 coats paint on all surfaces
-new light fixtures in living room and bathroom
-replaced appliances in kitchen
-2 year old water heater
-new base board in kitchen, bathroom, and master bedroom
-new trim around all windows
-new 2" wood faux blinds
-new door hinges and handles on all doors
-new hardware on all kitchen cabinets
-new paint on all kitchen cabinets
-new vanity sink
-new medicine cabinet and light fixture in bathroom
-brand new high efficiency swamp cooler
Exterior Renovations - .21 acre plot
-two coats paint on all surfaces
-new 3 tab architectural style asphalt shingles October 05'
-stripped roof down to sheathing, installed new tar paper
-primer coat on all surfaces as necessary
-installed and planted new raised beds on front of house
-renovated back deck
-replaced all stair treads and backing on deck
There is also an automatic Irritrol programable sprinkler system.
This is located on a quiet culd-a-sac two blocks north west of the Orem Community Hospital. We bought this shortly after we were married and have LOVED living here. We are selling it due to graduation and having to leave the state.
This is a great investment in many ways. The rental income can be $1550/mo, or if owner-occupied you will receive $700/mo from current tenants to subsidize your loan payment. Current tenants have signed a year lease that will expire at the end of July, 2008.
Here are a few numbers scenarios:
5% down
loan balance $227,050
6% interest rate on a 30 year ammort. schedule
payment = $1,361
*With rental revenues at $1,550 you have a positive cash flow of $188.72 per month
20% down
loan balance $191,200
6% interest rate on a 30 year ammort. schedule
payment = $1,146.34
*With rental revenues at $1550 you have a positive cash flow of $403.66 per month
In an owner occupied scenario:
5% down, payment = $1,361 - $700(rental income) = $661 a month net payment
20% down, payment = $1146.34 - $700(rental income) = $446.34 a month net payment
Please send any questions to: duplexforsale22@yahoo.com
or call 801.718.4880
thank you!
Mike
Subscribe to:
Post Comments (Atom)
3 comments:
you need to account for taxes / hazard insurance / and even mortgage insurance if putting less than 20% down.....
Taxes last year were $721 for the whole year.
Insurance was $441
Investor loans are not at the same interest rates as owner occupied loans. If I could get a 6% investor loan at 95% LTV I would be on cloud 9!!
Post a Comment