Covert Avenue Duplex
Indiana
- 2013 Purchase Date
- 2 # of Units
- 29% Cash on Cash%
The company purchased this property in 2009 at a steep discount well below market value. This duplex property is a class B asset The property was owned by an elderly lady who only used the property for her mother to live in, when her mother passed she decided to sell. When we purchased the property it was completely vacant and needed some rehab and upgrade work. Our initial plan was to rehab,lease and flip this multifamily to another investor. After we implemented the rehab we were able to charge a premium in rent for the area. The return on investment was greater than anticipated and by year 3 we had recouped our initial equity. Our current strategy is to hold for 5 years while the strong cash flow pays down the mortgage.The property value has appreciated more than 50%.
