Higher Rents Will Boost the Sales Price When You Sell
I profiled a Duplex for sale located at 2719 & 2721 Bravado, Rancho Cordova in an recent Blog Post dated August 22.
Well here’s the here’s the update…!
After 52 days on the market starting at $259,000 it’s still for sale and they have lowered the price to $240,000. The current rents for this Duplex for sale are at $850 and $900 for a 2 bedroom 1 bath unit on each side with a 1 car garage.
When I wrote about it originally a month ago our Property Management Company was in the process of helping one of our investors complete some landscaping repair and enhancement to his Tri-Plex directly across the street at 2720-2722-2724 Bravado.
Below is this video of the Tri-Plex landscaping work that was completed. Before and After.
https://www.youtube.com/watch?v=NeHa8gpFFHw
Now…I think you’d have to conclude curb appeal does help you get higher rents and therefore a higher sale price.
Because, when we completed this work, we gave all the tenants a rent raise notice. We increased the total monthly rent another $300. Not one of them wants to move. Their average is $1000 per month and they are smaller units than the Duplex.
This Duplex owner could have done this work a year or two ago and had higher rents all along. It probably would have sold for near his asking price or maybe more, but he didn’t.
I think this could be the right deal for the Investor who wants to “add value” to an investment. You increase not just the value when you do, you then are a contributing part of a neighborhood with “pride of ownership”. You will get a much higher return in the long run and feel good about owning a nice property.
What do you think…?
In the Mean Time….
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR, CDPE 916-203-1260
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