Tag: duplex
Just Sold: Great Starter Home in Montavilla
1919 SE 80TH AVE
Portland, OR 97215
3 BEDROOM | 1 /0 BATH | 1737 sqft
04/27/2023 | $407,500
Just Sold: Charming Kenton Home
8701 N HAMLIN AVE
Portland, OR 97217
3 BEDROOM | 1 /0 BATH | 1394 sqft
04/21/2023 | $442,000
How to buy a Duplex with FHA 3.5% Down Payment
By Sorcha Porter: Licensed Assistant to Shannon Dooley
In a time where interest rates are high the possibility of homeownership might feel like it’s becoming out of reach for many buyers. For every point interest rates go up nationally 5million people lose their ability to qualify for home ownership. That combined with financial experts like Dave Ramsay who encourage people to have 20% down when they buy makes the goal of home ownership feel extremely out of reach. Especially in places like Portland Oregon where the average home sells for $566K that downpayment combined with monthly payment makes homeownership feel super inaccessible.
But there’s another way to get on the property ladder that many first time buyers don’t think of. It’s a way that anyone who’s built an income from real estate will tell you either they did, or wish they did starting out. It sets you up for SO much success and can cost LESS than buying a standard single family home. To achieve this you can use the FHA 3.5% down loan to purchase a Duplex.
The main advantages to owning a multi unit property are the following;
- Leverage rental income to offset or pay your monthly mortgage.
- Use the income from the rental to increase your buying power, lenders can count 75% of market rate rental towards your income if the property is vacant and 75% of the actual rent if the unit is occupied towards your monthly income to help you qualify for more. Meaning you could potentially get into a better home, or neighborhood.
- When your tenant is paying some or all of your mortgage you can save SO much money for emergencies, life goals and even future properties!
To break this down I connected with one of Living Room’s Partner lenders James Adair at Neo Home loans to give us the numbers on a property recently sold by Kim Parmon so you can actually see how this pencils out.
“Using the FHA loan program is a fantastic way to access multi unit properties IF you plan to owner occupy.
With both mortgage interest rates AND home prices rising, the cost to buy and hold real estate has simply never been higher, and it is pressuring the house hold incomes of many families. Buying a property that has more than one living space means you can offset your mortgage payments with the rental income on the other unit.
The example case study we are using to illustrate this is a recent sale on N Albina that was listed for $699,900.00.
The most common mortgage strategy for multi unit is the FHA loan program. The FHA simply offers the most LEVERAGE in that you are allowed to buy a 2-4 unit property with as little as 3.5% down payment.
Non-FHA insured alternatives usually require much more down, but the FHA really shines here. Not only can you access some income offsetting monthly mortgage costs with FHA –but you can also use the NEW RENTAL income to help you qualify for the mortgage. This means that you’re buying power is amplified when you get a multi unit property like this.
In our example the rented unit was producing approx. $2300 per month. This translates to $20,700.00 of additional qualifying income for the financing. More simply put- this particular property adds $140,000.00 of NEW BUYING POWER.
As this property is listed for $699k – if your max purchase price on a NORMAL SINGLE FAMILY property was $560k – you could conceivably qualify for this purchase price, due to the added qualifying income.
We estimate that this property with a minimum 3.5% down payment would translate to a total PITI+MI payment of approximately $5,200 per month. When you adjust for the $2300 of income, the NET cost to live here becomes $2,900 per month. If you wanted to land at a monthly mortgage of $2900, you’d end up capping out at a purchase price of about $355k (with the same down payment dollar amount).
The buying power is only part of the story- the ECONOMIC LIFESTYLE POWER is equivalent to the difference between $699,900 and $355,000 – that’s $344,500 of magic real estate bucks that the other unit creates for the buyer. “
In conclusion…
If you’re looking at buying a home in 2023, and you’re daunted by the interest rates, and rising costs this is a way for you to get on the property ladder, and once you’re on it it’s so much easier to climb and leverage it to your advantage. If you’d like to learn more about duplex purchases, and or buying an income property we’d love to talk to you. Just reach out to us here! And be sure to connect with a lender, James is licensed in 48 states so odds are good he can help you wherever you are!
Just Sold: Humboldt Neighborhood 4-Plex
627-637 N Skidmore St,
Portland, OR 97217
5 BEDROOM | 4 BATH | 2322 sqft
03/23/2023 | $950,000
Townhouse-Style Duplex One Block to Mississippi Avenue
Perfect for Owner Occupant or Investor
4036-4038 N Albina Ave., | Portland, OR 97227
Offered at $699,900 | MLS #23222307
Unit 4036 : 3 Bedrooms | 1.1 Baths | 1,260 sq. ft.
Unit 4038 : 3 Bedrooms | 1.1 Baths | 1,260 sq. ft.
Virtual Walk Through
Just Sold: Powell Butte Beauty
14325 SE Cannon St,
Portland, OR 97236
4 BEDROOM | 3 BATH | 2745 sqft
03/14/2023 | $535,000
Just Sold: Fantastic Home for First Time Buyers!
1214 SE 86th Ave,
Portland, OR 97216
3 BEDROOM | 1 BATH | 1383 sqft
02/16/2023 | $435,000
Just Sold: Fantastic Fourplex
3203 SE Clinton St,
Portland, OR 97202
Our buyers fell in love with this lovely Portsmouth home with a fully permitted basement ADU! This home was fully renovated in 2016 to the stubs with new plumbing, electrical, furnace, ETC. The main house has 4 beds and 2 full baths, while ADU has 2 beds and 1 bathroom with private entry. Both units have large private backyards. This is a perfect opportunity for the ADU to offset mortgage payments or to have generational living. Also, with Portland’s new zoning, a second detached ADU can be built.
3 BEDROOM | 4 BATH | 4290 sqft
02/07/2023 | $984,700
Just Sold: Portsmouth Bungalow with ADU
9438 N Portsmouth Ave
Portsmouth, OR 97203
Our buyers fell in love with this lovely Portsmouth home with a fully permitted basement ADU! This home was fully renovated in 2016 to the stubs with new plumbing, electrical, furnace, ETC. The main house has 4 beds and 2 full baths, while ADU has 2 beds and 1 bathroom with private entry. Both units have large private backyards. This is a perfect opportunity for the ADU to offset mortgage payments or to have generational living. Also, with Portland’s new zoning, a second detached ADU can be built.
6 BEDROOM | 3 BATH |2106 sqft
10/20/2022 | $615,000
Woodlawn Duplex
Vintage Charm Abounds
6025 NE 10th Ave., | Portland, OR 97211
Offered at $625,000 | MLS #22602090
Main Level Unit: 2 Bedrooms | 1 Baths | 934 sq. ft.
Upper Level Unit: 2 Bedrooms | 1 Baths | 1420 sq. ft.
Just Sold: Beautiful Tigard Home with ADU
11725 SW Greenburg Rd,
Tigard, OR 97223
This beautifully maintained Bungalow is adorable & on a dead end street! It boasts a brand new roof~furnace~beautiful hardwoods under carpet~mud room~sleeping porch~gorgeous wood baseboards/trim~tons of storage & all just a few blocks away from Woodstock! It has a 70 ft long driveway to a detached garage with an additional sleeping porch. There is a ton of space with 936 SQ FT on main and 800 SQ FT partially finished basement with laundry~shower~sinks. Do not miss out on this one of a kind home!
3 BEDROOM | 2/1 BATH |2205 sqft
10/06/2022 | $637,500
Just Sold: Lake Oswego Bungalow
13880 Sundeleaf Dr,
Lake Oswego, OR 97034
Fantastic opportunity to own 0.21 acre property in central Lake Oswego. Many possibilities for this charming bungalow…update &/or expand existing home or start over & build your dream home. Two beds, one bonus/den rm, 1 bath. Living rm with oak hardwoods, kitchen + eating/dining rm, laundry rm. Large backyard, garden, tool shed with workbench, fenced. Buyers to do their due diligence regarding property use. Nearby LO schools, Springbrook Park, trails, shopping & minutes from highway / freeway.
2 BEDROOM | 1/0 BATH |1048 sqft
8/9/2022 | $440,000
Just Sold: Renovated Cully Duplex
4528 NE 72nd Ave,
Portland, OR 97218
It’s a 10…TWO TIMES! This duplex is fully renovated and an ideal fit for the owner occupier. Both sides have a prefect energy score of a 10! You can live in a swanky remodeled home and forget about inflation because you can earn a little over $1900 a month in rent from the front unit. The rear unit has access to the yard and a large storage shed. Plenty of off street parking and a fabulous remodel with high quality finishes, along with total updates to electrical, plumbing, HVAC and surfaces!
2 BEDROOM | 1 BATH | 1440 sqft
8/18/2022 | $640,000
Airbnb to Just 5 People per Year
In 2010 I did a short-term work assignment in Switzerland with the company I was working for at the time. I lived and worked there for about five months. For someone like myself who loves to travel, it was ideal. I temporarily left Indianapolis, where I lived at the time, packed a few bags, and rented a fully furnished flat in a walkable area of Geneva. I was walkable to downtown, Lake Geneva, and the train station where I took a short train to work.
The furnished apartment was a little like corporate housing. Inside it was fairly basic. They provided all of the essentials, but nothing stood out as exceptional about the place itself. Today, corporate housing looks different, and has expanded to more people. They are better known as midterm rentals, and have platforms like Airbnb, VRBO, and Furnished Finder. Because of that it’s easier for home owners to rent their own properties out for a month or longer. Plus, these places tend to have much more style and character. These property owners are enchanting their guests to come stay at their place for a few months with their Pinterest-quality posts.
More People Working From Home
With the pandemic, came many people working from home for the first time ever. For some that meant all-day zoom meetings, kids and dogs hijacking calls, and not enough in person socialization. Some were eager to get back to the office. While others thrived with the work flexibility and getting more accomplished in their own working environment, wherever that happened to be. As most of us realize now, many have been called back to the office, but just how many haven’t been?
Mckinsey and Company, one of the largest global management consulting firms, published a study in June 2022 based on a survey of 25,000 Americans in the Spring 2022. Respondents worked in all kinds of jobs, in every part of the country and sector of the economy, including traditionally labeled “blue collar” jobs that might be expected to demand on-site labor as well as “white collar” professions, and found that 35% of job holders could work from home fulltime. You can read the full article here.
Flexible Work Life – Work From Anywhere
With that new found knowledge, several people are moving or moving temporarily, and staying in a midterm rental. A friend of mine working for Nike moved to Mexico just for fun when she found out she didn’t have to return to the corporate office in Beaverton. I had clients from Durango, CO, this year who work for Tesla, who were able to move parttime to Portland, close to their daughter and new grandchild because of their new work flexibility. Interestingly, I met these clients because they found my own midterm rental online last summer, and rented it for a couple of months while they were exploring Portland.
The Midterm Rental Benefit to the Homeowner
In 2020 I decided to renovate side by side townhouses, furnish them, and rent them out for month or longer stays. Since that time, it has been rented about 95% of the time it’s been available. There are many advantages to midterm rentals. Less turn over, and fewer guests to coordinate is one of the biggest ones. But, it can also be available for personal or friend/family use, and there are some good tax advantages that you can talk with your accountant about.
That first year, I had just 5 guests ranging from one to five months, and was able to block out time for personal use if I wanted. Providing a place in a great area of NE Portland, the Alberta Arts area, these townhouses have attracted not just people who can work from home or another location; but those moving to Portland who need short term housing while they look for something permanent, locals renovating their current home, even students who are able to study remotely and traveling healthcare professionals.
As an investor, myself, I stay on top of what is happening in real estate. From house flipping to long term rentals, to short and now midterm rentals. In my opinion, this newer type of investment strategy is in the beginning stages of taking off.
To see more on the side by side townhouses I remodeled, and now rent as midterm rentals, check it out here.
Just Sold: Vancouver Duplex
700 GARRISON TER,
Vancouver, WA 98664
Take a look at this charming multi-family home in the heart of the Heights. Located across from Garrison Square, David Douglas park, shopping and close access to freeways, this is a perfect place to call home. This is an investors dream property or ideal for a first time home buyer. Live in one side and rent out the other. Big fenced in yard, landscaping, double pane windows, new wall heaters, new carpeting, new interior paint, brand new bathtub, sink, and bathroom cabinets.
4 BEDROOM | 2 BATH | 1680 sqft
7/27/2022 | $479,500
Just Sold: N Tabor Duplex
5325 NE Davis St,
Portland, OR 97213
Fantastic craftsman duplex in prime North Tabor location feeding into Laurelhurst Elementary & Grant High! This well maintained duplex features charming hardwood floors & coved ceilings with AC to keep cool this summer. Plenty of privacy, each unit has a washer & dryer & separate basement storage. Enjoy BBQs in the fenced backyard or craft away in the 2 car garage with electrical. One unit is vacant, easy to see and perfect for an owner occupant buyer!
3 BEDROOM | 2 BATH |1218 sqft
7/22/2022 | $534,750
Just Sold: Roseway Duplex
3817 NE 82nd Ave,
Portland, OR 97220
Dialed duplex that’s ready in Roseway! Attn: owner occupied investor! Month-to-month tenant + vacant side. Freshly renovated, vibrant NE Sandy, Fremont and Rocky Butte around the corner. Brand new systems, roof, tastefully remodeled. Sweet yard, plenty of parking, offset that mortgage and start leveraging your equity with this lil’ darling. Come see!
4 BEDROOM | 2 / 0 BATH | 1816 sqft
5/24/2022 $481,000
Just Sold: S Tabor Investment Property
3426 SE 53rd Ave,
Portland, OR 97206
Great for owner occupied, live in one and rent the other two. 3 – 2 bedroom/1 bathroom units with the same floor plan. Townhouse style units open on the main with kitchen and dining area. Slider off of eating area to private patio/yard for each unit. Convenient in unit washer/dryer hookups. 2 bedrooms and full bathroom on upper level. Excellent cash flow. Convenient Tabor location w/easy commuting, bike score, 99 and walk score, 91. Corner lot w/dedicated parking.
6 BEDROOM | 3 BATH | 2496 SQFT
Sold 5/4/2022 834,300
Just Sold: Ashcreek Diamond in the Rough
5537 SW Garden Home
Rd, Portland, OR 97219
Light and bright condo in Harrison East. True one bedroom, one bath with a built-in murphy bed for guests. The kitchen has ample storage and a dining area with granite counters and stainless appliances. Comes with deeded parking and storage. HOA has a community garden, and use of a swimming pool/hot tub. Sewer, water, and garbage are included in HOA dues. On-site laundry. Lightly lived in and move-in ready!
2 BEDROOM | 3 / 0 BATH | 2524 sqft
4/29/2022 $680,000
Just Sold: Irvington 7-Plex
1804 NE 14TH AVE,
Portland, OR 97212
Beautifully 5.23 CAP updated Irvington 7-Plex. Historic charm with modern finishes. Close to Lloyd Center, Moda center, restaurants, shops & more. 6 of 7 units fully remodeled with LVP flooring, SS appliances, quartz counters and tile bathrooms. Rentable storage units in basement, rented garage & an additional on-site parking spot. Property still has upside in rents.
7 BEDROOM | 8/0 BATH | 5810 SQFT
Sold 4/14/2022 $1,675,146
Just Sold: Milwaukie Ranch Lives Large
5288 SE Jackson ST,
Milwaukie, OR 97222
The ground level has the living room (w/ wood burning fireplace), kitchen, dining room, all 3 bedrooms, and both bathrooms (the master has its own full bathroom). The finished basement has multiple rooms/separate areas & a private entry. Fantastic residential community that is also close to shops and transportation. Private fenced backyard with a covered patio makes the summer nights fantastic.
3 BEDROOM | 2/0 BATH | 2700 SQFT
Sold 3/31/2022 $525,000
Just Sold: Adorable SE Rancher
6522 SE 66th Ave,
Portland, OR 97206
Come see this adorable 3 bed/1 bath ranch in SE PDX. Take in the sun on the porch as it sets over Brentwood-Darlington & nearby Woodstock. Lounge in an easy-to-maintain home with a new high-efficiency furnace for cozy evenings. Ample backyard space to gather with the community on the deck & lawn. Tinker away in the garage & park the cars in the long driveway. New furnace, newer roof & dishwasher, all appliances included. So many great restaurants nearby & parks too. Come home to a SE PDX cutie.
3 BEDROOM | 1/0 BATH | 815 SQFT
Sold 3/29/2022 $427,000
Just Sold: Charming SE Cottage
6811 SE Knight St,
Portland, OR 97206
Check out this charming cottage single level home walking distance from Mt Scott Park! This two bedroom, one bath home has large south-facing windows that fill the living room and dining room with natural light. The home features hard wood floors, fresh interior paint, ductless mini-splits, freshly tiled bathroom and separate laundry room. Spread out in the large fenced backyard which has a covered car port, shed, and raised garden beds.
2 BEDROOM | 1 BATH | 726 SQFT
Sold 3/24/2022 $445,000
Just Sold: Gorgeous Tualatin Traditional
22524 SW 104th Ave,
Tualatin, OR 97062
Lovely, top-quality JT Roth home in Springwater neighborhood. 5 bdrms, 4 full baths plus den and family room. Hugh Master with elegant bath and walk-in closet. Lg laundry/sewing rm, Central Vac, crown molding, in-home stereo system. Fully finished daylight lower level could be separate living space. Large wonderful covered deck and outdoor fireplace. Built in 2007 with many upgrades and custom touches. Corner lot, 3-car garage. Perfect live work home. Walk to Ibach Park.
5 BEDROOM | 4/0 BATH | 4474 SQFT
Sold 3/22/2022 $1,100,000
Just Sold: Piedmont 4-plex
212 N DEKUM ST
Portland, OR 97217
Super clean and tidy 4-plex located in Portland’s rising Piedmont District. This property is a corner lot, offering an abundance of off street parking, and yet right on the Vancouver Avenue bus lines too. The building features like new siding, newer membrane roof, new stair case railings and paint, and onsite laundry room too. The grounds are very simple to maintain, and the units have been updated over time, as tenancies turn. Income is solid and yet rents still have room to grow too.
7 BEDROOM | 4 BATH | 3306 SQFT
Sold 03/14/2022 $840,000
Just Sold: 7 Offers – Sweet NE Bungalow with Guest House!
4535 NE 85th Ave,
Portland, OR 97220
A ray of sunshine! This charming retro bungalow rests on a quiet street, just steps from the Grotto. The main house features 2 bedrooms & a bathroom, newly refinished hardwood floors, charming built-ins & a beautifully renovated kitchen. The basement has tall ceilings, laundry, & plenty of room to work or play. Farm to table, the private backyard has raised garden beds & a coop. Invite guests to stay in the detached studio, equipped with its own kitchen & bathroom. Perfect for guests or AirBNB!
2 BEDROOM | 2 BATH | 1864 SQFT
Sold 03/04/2022 $505,000
Just Sold: Turnkey Duplex in Creston
4011 SE Mall,
Portland, OR 97202
Turn key units with hardwood floors, baseboard heat, and well maintained. Located just blocks to Trader Joes, Reed College, parks, transit and Woodstock shopping and dining. Please do not disturb tenants or walk property without an appointment. Near bus lines.*** Unit 4011 easy to show, has fresh paint, new water heater, new wall switches, and clean. Ready to show and sell! Extra storage! Off street parking.
4 BEDROOM | 2 BATH | 1588 SQFT
Sold 3/03/2022 $575,000
Just Sold: Camas Opportunity
1241 NW Couch St,
Camas, WA 98607
Check out this rare Camas charming craftsman home on a double lot with a large shop. The home features hardwood floors, coved ceilings, craftsman built-ins, a remodeled kitchen & bathroom w/ jacuzzi tub. The partially finished basement includes a separate entrance, bed & half bath; ready to turn into an ADU! A weekend warrior’s dream, spend hours in your oversized 24×48 steel workshop, equipped w/ electric & plumbing, & plenty of room to store cars, boats, & equipment. This one won’t last long!
2 BEDROOM | 1.5 BATH | 1622 SQFT
Sold 3/02/2022 $454,000
Just Sold: Villebois Condo
28750 SW Campanile Ln Unit 302,
Wilsonville, OR 97070
Immaculate 1-level condo on the top level with luxury features of quartz counters, stainless appliances, vinyl floors, private deck w/a view, private storage & garage all in the Wilsonville school district.
2 BEDROOM | 2 BATH | 1013 SQFT
Sold 2/17/2022 $345,000
Just Sold: Concordia Cottage
5847 NE 24TH AVE,
Portland, OR 972011
Charming updated PDX cottage with timeless character throughout. Stunning kitchen remodel with quartz countertops and all new appliances. The main floor offers plenty of space to entertain with two bedrooms, a living room which is connected to the dining room. Upstairs you’ll find another bedroom and two bonus rooms. The unfinished basement is a blank slate. Home Energy Score= 2 https://www.greenbuildingregistry.com/green-homes/OR10196583
3 BEDROOM | 1 BATH | 2461 SQFT
Sold 1/14/2022 $630,000
Just Listed! POWELHURST TWO-FER!
11904 SE Schiller
Portland, Oregon, 97266
This swell side-by-side duplex offers two – 2 bedroom, 1 bath homes, each featuring a spacious living area connected to an open-concept kitchen, where there’s plenty of room to entertain! Enjoy modern styling and well-maintained condition, natural light, plus in-unit laundry hookups and comfy bedrooms with roomy closets. Each unit has an attached garage with an opener to stow your ride or park your gear – whatever you desire! Snuggle up in your cozy spot at the end of the cul-de-sac, overlooking your front and side yards. Quit paying your landlord’s mortgage and invest in yourself. The rental income makes it all make perfect sense! Start your future now with a first investment or add this no-brainer to your portfolio. View the “model” unit and go for it!
OFFERED AT $399,000
UNIT A: 2 BEDROOM | 1 BATH | 858 SQFT
UNIT B: 2 BEDROOM | 1 BATH | 858 SQFT
MLS# 21178106
Just Sold: Great Fourplex in Brooklyn
1227 SE Boise St,
Portland, OR 97202
Fourplex in Brooklyn neighborhood. Lots of upside including an opportunity to bring a unit to market level rent immediately.
8 BEDROOM | 4 BATH | 2896 SQFT
Sold 12/09/2021 $875,000
Just Listed: Hawthorne Halloween Opportunity!
4004 SE LINCOLN ST
Portland, OR 97214
Check out this incredible value-add opportunity nestled between the Division & Hawthorne hubs. A timeless craftsman, featuring one bed & one bath on the main level w/ formal living & dining rooms. Upstairs 2 more bedrooms, a deck, bathroom, & bonus office space. Lower level has one bedroom, one bathroom unit with a separate entry. Common area with shared laundry room & new furnace. Rent as a duplex or convert to single family with ADU. See 3D tour links. ARV comps in $800k range. 90 walk score!
Upper: 4 BEDROOM | 2 BATH |1450 SQFT
Lower: 1 BEDROOM | 1 BATH |1000 SQFT
Glencoe |Mt Tabor |Franklin HS
MLS#’s 21548879, 21539533 | Taxes $4,600
Buckman Neighborhood 1900 Craftsman Duplex
Portland’s new Residential Infill Project ( RIP ) regulations are opening up fabulous investment opportunities throughout the city.
I am so happy that I was able to help Alex purchase this fabulous 1900 Portland Classic Craftsman duplex in the historic Buckman neighborhood close in on the SE side of Portland. It features side by side 3 bedroom units with a potential for 2 additional units in the basement.
An ideal investment property for an owner occupant, it has one unit that is fully renovated and ready to move in.
The historic Buckman neighborhood is a fantastic location, close to The Matador, Screen Door, Laurelhurst Park, downtown, + more!
Just Sold! Bountiful Brooklyn Duplex
This classic colonial duplex in the heart of Brooklyn offers two huge bright units. My clients just closed on the property near the historic Aladdin Theater. Upper level features an open concept 2 bedroom 1 bath unit with cork floors, large master & Mt Hood views from the deck. Lower unit has 4 beds, 2 baths, a charming covered front porch, large deck and 1 car garage. Let me know if I can help you find your ideal investment!
Just Sold! Investor’s Dream
I just helped my clients sell this well-maintained, professionally managed duplex will have 3 br and 2 1/2 bathrooms on EACH side. I’d love to help you find your ideal investment!
Multifamily Houses in Portland
Today I talked with Kara from Afternoon Live about multifamily houses in Portland. To see the full 7 minute video, click here
Here’s an example of a duplex that was for sale in Portland that I thought was a great long term investment.
- 1950s side by side 2 BR/1 BA multifamily (duplex) with Tuck-under garages.
- It was already vacant and in extreme disrepair when we bought it.
- NE Portland- Alberta Arts area.
- Current 2 Bedroom rentals are roughly $1600-$2200
- Current 3 Bedroom rentals are roughly $2500-$3000/month.
- We decided to finish the lower level, adding additional bath, bedroom, and bonus living space. Each unit will now be 3 BR/ 2 BA.
- Better use of space (more people can live in the property)
- By adding this additional finished space, it will bring in more rental income to cover the cost of the renovation work
- That extra monthly income will pay for the additional renovation work over 8-10 years.
- By updating everything, there will be few if any large maintenance expenses within the first 7 years. This makes profit and loss a little more predictable.
Not in the buying market or interested in multifamily, but thinking of selling your home? Check out my tips here.
PORTLAND PASSES “THE RIP”
Last week, the City of Portland passed the Residential Infill Plan (RIP). The plan makes it easier for homeowners to build additional units on residentially zoned properties – what we call middle-housing. The RIP encourages construction of smaller home clusters, duplexes, and triplexes on property that previously only permitted single family homes. Read all about the RIP HERE and reach out to us if you would like to know more.
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
Alberta Arts Duplex
Duplex in the Heart of Alberta Arts
1023 NE Webster St
Portland, OR
Charming duplex in the heart of the Alberta Arts district. This sweet craftsman duplex has a full basement and detached garage. New roof, newer paint, wood floors, vintage charm and full of possibilities.
OFFERED AT $564,000
2 BEDROOM | 1 BATH Lower unit
2 BEDROOM | 1 BATH +Bonus room, Upper Unit
Woodstock Duplex
Woodstock Duplex
6809-6811 SE Woodstock Blvd | Portland, OR 97206
Offered at $499,900 | MLS # 19650016
2 Units Each with: 2 beds, 1 bath, Fireplace, 840 SF
Remodeled one-level duplex, blocks from the Woodstock goodies; transit, library, cafes, parks, Farmer’s Market. Updated throughout; appliances, flooring, modern lighting & hardware, exterior paint, laundry, new electrical panels, fireplaces. Super sweet backyard patio; fenced with fire pit seating, raised garden beds, alley access and two storage units. Cap rate of 6%, with excellent rental history.
See the Photo Slideshow
Duplex Dreams in Wonderland
Congratulations to my clients Edna and Rich, on their sweet duplex purchase on SW Cheshire Rd. in Beaverton!
When I was originally approached by one of my client’s informing me that her mother was interested purchasing a duplex in the greater Portland area and was open to anywhere from Gresham to Forest Grove, my eyes got a little wide thinking about where to start. After some strategizing, I realized that the large scope of area simply opened up our possibilities in finding the perfect place. Her mother, Edna, had recently relocated from Hawaii, was living with her family, and was hoping to eventually move in to the property down the line. Not only did we need to find a property that had investment income and potential, but it needed to work for Edna’s purposes at some point as well. Fast forward to the Tour de Portland Multifamily and if you have never gone down this path, I will be brief. You are lucky to get in to see a property before you have to write an offer. Many properties have extensive deferred maintenance issues that will need to be addressed. You are lucky to get accurate financial information and you need to look at CAP (capitalization) rate information with a fair amount of skepticism concerning their accuracy. Realizing we needed to increase our potential purchase price to net better properties, Edna brought on an investment partner from Hawaii, and it is here where Rich enters the picture. Now sporting an increased purchase price ability, we increased our search parameters and began seeing more appealing properties as a result.
After several written offers on properties that were “Subject to Interior Inspection” and promptly running the other way, we found this gem of a 6 Bedroom, 2 Bathroom located in an area of Beaverton some folks refer to as “Wonderland” or the Looking Glass Neighborhood, due to the colorful street names in the area, such as Mad Hatter Lane, Alice Lane and Cheshire Rd. This property was a corner lot on SW Cheshire Rd. that featured a newer roof, newer sewer line, and was great shape compared to many of the properties we had looked at previously. We had some competition to get this one in the form of offers including one aggressive competing cash offer, but my client’s listened to my advice, stepped up to the plate and put their both feet forward and it paid off! We were in contract and now began the process of evaluating the investment information, began the inspection process, all while navigating around tenant’s who were hoping nothing dramatic would change as ownership did. We thankfully had Edna’s daughter, EJ, as our point person for keeping us all on the same page during the transaction and things moving along. There were a few delays during the inspection process that required second opinions and some holding of our breaths, but when we made it through in once piece. Now Edna and Rich are the proud owners of this Beaverton property and a step on their way to their investment dreams.
A special thanks to Ken Kondziela at NW Premier Mortgage, Inc and his team for their calm, patient approach with my clients. Their responsiveness and communication was invaluable, especially when we the buyers are in different states (and time zones).
Mahalo Edna and Rich!
If you’re interested in buying or selling multifamily/investment property, give me a call and I would love to chat with you about it!
SCOTT SHOJI
Living Room Realty
Licensed Oregon Broker | Email: s.shoji@livingroomre.com | Phone: 503-927-3900
Just Listed: Darling Duplex in Downtown Dallas
1191 JEFFERSON ST & 180 ASH ST,
DALLAS, OR 97338
OFFERED AT $439,900
5 BEDROOM | 2 BATH | 1,938 SQFT
MLS# 19352884 | TAXES: $1,558.85
The sharing economy + the Dekum duplex
The sharing economy approach
Katie and Jordan were first-time homebuyers, but they were already seasoned Airbnb hosts comfortably taking advantage of the sharing economy with space in their rental home. First and foremost as prospective homeowners, they wanted to find a single-family home that would also provide passive income and be a foundation for their future investment portfolio. They also wanted to be in a vibrant, walkable neighborhood with good cafes, bars, shops and restaurants in order to maximize their Airbnb rental rates. And as committed bike commuters, they wanted to be no more than thirty minutes from their respective offices in downtown Portland and the inner SE industrial district.
First meeting: possibilities abound
My favorite step in the home-buying process is the initial meeting with my clients. This is when the process of team-building begins in earnest and it helps set the stage for the next weeks or months of working together. This meeting gives my clients a deeper look into who I am and how I approach my work, and provides me the ability to learn more about their personalities, their dynamic together and the most important things in a house and in the process. I love the freshness and possibilities that await.
So I was already stoked for our first meeting, but it was especially sweet because it was on my birthday in early October. I’d met Katie before at an alumni event as we graduated from the same college, but we never sat down to chat in-depth and I hadn’t met her partner Jordan.
As is fitting for those who are comfortable sharing their home, Katie and Jordan proved to be open-minded, easygoing and flexible, but also very analytical, thoughtful and asked lots of great questions.
‘Must haves’ + ‘nice to haves’
= have it all
Those three major criteria were really helpful in developing a targeted property search – the ‘must haves’ – but they also had several other ‘nice to haves’, as well. At the top of that list was a covered front porch and plenty of space for their bikes and their outdoor gear; others included an open floor plan between the kitchen and living space, no claw foot tubs, fenced yard for the future golden retriever, strong walkability factor, and good grill and chill space on a deck/patio. They got all of these things – and more – with a huge basement and tuck-under garage, on a corner lot, for even further future expansion/ADU potential. You *can* have it all, but you’ve got to keep the qualities of remaining grounded, curious, nimble and open-minded throughout the whole process in order to maximize your options.
Double-down on a duplex
Katie and Jordan exhibited all of these qualities over the course of five weeks of explorations: complete fixer-upper homes, homes with basement conversion potential, and homes with already-converted spaces. Other than a handful of places (one for which they made an offer but got caught in an oddly-aggressive multiple bid situation), they weren’t finding anything that matched what they truly wanted.
I suggested that they switch gears a bit to look at some duplex options.
With a traditional duplex, Katie and Jordan were able to use the projected rents for the second unit towards their income ratios and were able to qualify for a higher loan that allowed them to pursue ‘more’ house like this one. Plus, a fully separate unit would provide them additional privacy and the flexibility of either short-term or long-term rental scenarios. Because of the flexibilities that duplexes offer, and the typically lower price points for the ‘amount’ of house you’re getting, they’re a great way to get to a first home faster – just a house that’s slightly more work as a landlord.
(More information about the benefits of a duplex can be found here: bit.ly/firsthomefaster)
Stay grounded, but be nimble
The result of Katie and Jordan’s efforts and dreams is this graceful 1922 beauty in the coveted Dekum Triangle area of the Woodlawn neighborhood — literally steps from Breakside Brewery, Woodlawn Coffee, The Firehouse and Woodlawn Park (some of my favorite spots in NE Portland). It has everything they clients needed, everything they wanted, and it has so much more potential for them in the future.
Congrats, Katie and Jordan! And thanks for showing the best ways to stay grounded, remain curious, keep nimble and be open-minded as homebuyers. You just never know where your search might lead!
—
ANDY MEEKS
Living Room Realty
Licensed Oregon REALTOR® | Earth Advantage Broker
andy@livingroomre.com | 971.400.0195 | PDX
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Coast Duplex with Enviable Location
This Duplex offers a laid back vibe and is located less than a 5 minute walk to the beach. Simple yet satisfactory. The privatized backyard backs up to wetlands, full of beautiful wildlife and northwest vegetation. A one car garage on either side offers protection & dry storage from the coastal elements year round. Less than a 5 minute drive or a leisurely stroll along the beach will land you downtown Manzanita, filled with galleries, boutiques and local fare.
List Price: $479,000
9005 Nehalem Rd,
Neahkanie, OR 97131
MLS# 18618453
If you are interested in Manzanita Real Estate or Surrounding areas. Please feel welcome to reach out.
Tosha Reinmiller
Principal Broker
Living Room Realty – Manzanita
(541) 231-5829
tosha@livingroomre.com