A TWO ON A LOT WITH A LOT OF POTENTIAL.

3117 Wabash Ave, Los Angeles, CA 90063

3/1 + 1/1. Two on a lot with garage, view and yards. DOUBLE VACANT.

Interested in buying Income property? Me too and me three and me four. If I could buy right now, I'd be checking this moderately priced Boyle Heights Hillside duplex out. I'd be there tomorrow. If you want to see it tomorrow and start planning for roughly $1400/mo in passive income then let us know. Click on the BUYERS AND SELLERS TAB and connect with Craig.

There are a few reasons why you should jump to explore whether this property works for you.

1. It's delivered vacant. Both houses. Best Part! You can instantly do a mini skinny makeover and get these rented for market rate rents.

2. The views are pretty awesome.

3. There is a lot of outdoor space! It looks like each unit has some. Tenants like outdoor space and landlords like it too, because it adds to the potential rent you can charge.

That's the good news....

But there are also a few things that seem to be missing. First and foremost: Good looks. It's "fully rehabbed" status is a bit perplexing. Some questions need to be asked as to the meaning of that phrase. However, AS ALWAYS, the aesthetics are THE EASY PART.

Lets envision the SKINNY MAKEOVER we could do here.

NEW FLOORS. Replacing this Linoleum with a Laminate Hardwood would be quick and painless and relatively inexpensive. ALSO... it would be appropriate for the neighborhood and potential rents. You wouldn't invest in real hardwood because you won't see the return based on rental prices in the area. You never want to over design, but creative and tasteful redesigns will keep your units rented at the highest price possible. I would also consider enlarging that window... That might cost a few thousand... but could make a huge difference to the feeling of the room. ALSO WHY NOT HANG AN AMAZING PENDANT CHANDELIER? You can get a pretty awesome light for under $200.00. Insert design, it will pay you back.

Below is a seems like great beginnings to a remodeled kitchen. New cabinets, appliances, countertops and even a nice backsplash. GREAT! A wow floor will wow your future tenants and the square footage of this kitchen is small enough that it can be redone economically... I would consider that. But, maybe in person this floor is OK too. Lets check it out and decide.

FULL FRONTAL. PAINT PLEASE.

I included the below curb appeal photo again. This is a proudly built garage door and gate combo. It's a little masculine, but nice. It definitely doesn't suit the house... But the exterior of the house could get a little mini facelift to suit the gate and I WOULD DO THIS.

WHAT WOULD I DO:

Paint. Paint that rock. Paint that Ironwork. Yikes. Paint it Black. Paint it fast.

The house will look SOOO much better after that. Then you can paint the house any color you want, or possibly, you won't need to. I would suggest to paint the front door black too. Keep some things consistent. Painting things black seems harsh... but it's not, it will look good. I promise.

LETS DO THE NUMBERS

Purchase Price $639,000

Down Payment 25% = $159,750

Closing Costs roughly $19,170

Initial Improvements: It's nice to have a budget to do cosmetic fix-ups. As you're in escrow with a property like this, its great to spreadsheet out the improvements you need to do to get the rents you want. Then, when escrow closes, you know what you need to spend and can hit the ground running. Ive added $25k to the numbers to cover flooring, painting and other potential minor repair issues.

All in Cost $203,920... Seems like a lot... But wait, here comes the good part!

Rental Income (Projected at $2800 & $2000) = $4800

Mortgage/Insurance/Taxes/Gardner/Maintenance = $3366

CASH ON CASH RETURN 8.4%

MONTHLY CASH FLOW $1434/MO

Your average bank savings account will give you less than 1% annually. That means your $200k might net you $2000 in profit over one year. This Boyle Heights Future Babe will net you $17,208 per year in profit before taxes.

DA DA DA DOUBLE VACANT DUPLEX