Do You Think The Curb Appeal of This Duplex is a Plus or a Minus…?

Would you put this on the market the way it looks now…?   Would a Tenant Pay More to Live There…?

I just had to pass this on to those folks that are thinking of buying a Residential Investment, such as a Duplex, a Four-Plex or an apartment complex or even a Single Family Home.

People will make an instant judgement about a Duplex for Sale just about as soon as they pull up to the curb.

This Duplex I’m profiling here today is located at 2719 & 2721 Bravado Drive, Rancho Cordova.  Despite it’s poor curb appeal, it’s on a corner lot that backs up to one of our other Investors who have been outstanding in helping create a nicer neighborhood.

In this slide show, we’ll show you the “subject property” and then you’ll see the other units our Property Management company currently maintains.

This Duplex closed escrow back in December of 2013 at a sales price of $161,000.   The new owner hadn’t done much if anything since he’s had it but,  now wants absolute top dollar.    His rents currently are at $900 and $850 per month and they should be at $1,000.

Generally in my opinion, I think investors who skimp on curb appeal and landscaping are leaving dollars on the table in returns they would otherwise have received.   Not only in a higher sales price, but higher rents during their ownership as well.

Tenants will pay more for a nice pad.    Let’s see if he gets his price because I think it’s worth no more than about $245,000.

CLICK HERE for a proforma cash flow analysis.  It’s really ugly in front but just needs some TLC…..    So, overall,  I think this could be a nice investment given that the surrounding properties have a lot more “pride of ownership” then this owner and it won’t really take that much to bring it up to par with the neighbors.

 

Let me know what you think.

In the mean time…?

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE   916-203-1260    favinger@rwnetwork.com

 

Thinking of Buying a Rental Property – Good News Here About Rising Rents

It’s a “Landlord’s Market”…!

Bisnow.com has the Sacramento Area at #2 Fasting Risings Rents.

Now, if you haven’t heard this before in other media & news outlets such as the Sacramento Business Journal article they wrote a few days ago or maybe you’ve not seen this article from a few months back about rental rates in the country in general,  you might think this is something going that is new.  Well, its not new to us.

Folks, anytime you see something in the mainstream media such as the news paper or TV regarding anything to do with real estate, trust me, it’s old news.

That’s because anyone in real estate who is involved in Investment Real Estate or Property Management will tell you it’s old news and has been for a while.

Let me give you an idea of what it’s like out there now.   In Folsom, where our office is and also where I live… I tell people all the time about the rental market this way.  “If you are a Renter, you almost have to know somebody inside to find a decent rental to get into.

So bottom line is if you are thinking of buying a Duplex, Four-Plex, an Apartment complex or even a single family home or condo, you’ll be able to rent it today for top dollar.

We specialize in the Sales and Management of Residential Income Property so let us show you how to make the most $$$ out of your investment.

In the mean time…?

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE       favinger@rwnetwork.com  916-203-1260

 

Twin Pines Apartments – Rancho Cordova – Twelve Units – A Sleeper Investment

Across the street from the new Folsom Lake College Extension.

If you have been looking for a small apartment complex with “upside” I think you might have found it here.

This one has a mix of (8) 2 bedroom 1 bath & (4) 1 bedroom 1 bath apartment units.   All have dishwashers, gas stoves, patios/decks, central heat/air and lots of off street parking.   I do have an estimate for “covered parking” to be installed, which I think would be a big improvement and allow for an increase in rental rates.

The Owners have recently painted the exterior, made el caprice #1updates to the roof, replaced the site’s water heater and completed a lot of dry rot and satisfied all of the City of Rancho Cordova code enforcement issues.

The tenant profile has been upgraded as well.

CLICK HERE TO GET A SLIDE SHOW OF PICTURES THAT INCLUDE THE COLLEGE ACROSS THE STREET

You can also get a copy of the Cash Flow Figures here.

If you take a drive to see this you’ll see that the college is almost done.   They are putting in the landscaping and the parking lot across the street is just about completed as well.

You’ll also notice a pretty good sized open area that has some additional potential and is part of the “Mather Mills Opporunity Site”.  The Twin Pines Apartments are across the street as you can see in the aerial shot that is bounded by yellow.    Click on the link below to get more information.

el caprice aerial view

 

The Mather Mills Opportunity Site

 

 

If you have any questions regards this Apartment Complex or any other apartments, duplexes or four-plexes for sale, contact me anytime at:   916-203-1260, favinger@rwnetwork.com

In the mean time…?

Make it a Great Day…!

 

Related articles

Curb Appeal of Investment Properties & Why You Should Maintain it.

A strong landscape maintenance regimen should be part of your plan.

I’m always amazed how little value some owners/investors assign to a well maintained landscaped front yard, even though it’s the first thing prospective tenants and Buyers see when they pull up for a look.

I have some pictures here to show what I mean.   We’re in the process of marketing the Twin Pines Apartments at 2755 El Caprice, Rancho Cordova.  el caprice #1

The owners of this complex have spent the last couple of years improving this property which is right across the street from the new Folsom Lake College annex building.

A few days ago I drove by a duplex next door to us located at 2743 El Caprice and saw a beat up looking truck on the grass.  This is what it looked like when I took the picture of it below.

Do you think this helps my Sellers in their quest to market their apartment complex?

Do you think the poor condition the owner allows the tenant to get away with is something neighbors on either side would like to live next to…?

The Duplex Next Door

Do you think any Buyer/Investor is going to take into account the poor curb appeal of the surrounding properties and maybe discount the value of this street more than if it was in a more “pleasant looking” condition…?

If you’re thinking of selling a home, I think everyone knows that curb appeal is something written about all the time as a big item to put on the “to do list” in preparation.

So if that’s true, why would it be different for an investment property like a Duplex, Four-Plex or an Apartment complex….?

By the way, do you think the owner of this duplex allows her home she lives in to look like this..?   The answer is no because I took a copy of this picture you’ve seen here to her.   She’s a a local investor and trust me her front yard didn’t look anything like this.

If you have followed this blog site for any length of time, this has probably been one of my passions over the years.

If you’re an investor, please don’t be one that just wants to take all the money out.   Put some value back into your investment by creating a nice curb appeal that will draw the best tenants to you.   They will pay you more in rent because they know you care about the property and so they will get that message and help take care of it too.

It also brings the value of the entire neighborhood up if everyone on the street did the same.

In the Mean Time…?

Make it a Great Day..!

ED FAVINGER, BROKER CRS, GRI, SFR, CDPE    916-203-1260   favinger@rwnetwork.com

A Duplex Just On the Market and Another Multiple Offer Situation…!

This one got 7 offers in less than a week…!

We placed the Duplex at 7983-7985 Marsala Court on the market in the middle of last week and as of today we have had 7 offers and the phone is still ringing.

IMG_0597

 

This is the 3rd Duplex I’ve placed on the market within the last 30 days.   One of the threads that has been consistent in these situations is that these Duplexes all had a decent enough income to give a cash and had Pride of Ownership to go with it.

For a copy of the cash flow figures of this Duplex Click Here.

The Sellers  just accepted an all cash offer that was well over the list price and we’re now moving forward with the “due diligence” period and we’ll see what develops on the way to the closing.

If you are thinking of buying a Duplex or a Four Plex in the Sacramento Region or you are thinking of Selling, give me a call.

There are still great deals out there if you are a buyer and if you are tired of being a landlord, now might be the time to think about Selling.

 

In the Mean Time…?

Make it a Great Day….!

Ed Favinger, Broker, CRS, GRI, SFR CDPE