April 2021 Newsletter
4967 Chehalis Ct N, Keizer OR
Triplex | $459,900 | April 2, 2021
Amazing deal on a triplex! Each unit features a single car garage, fenced courtyard patio, and in unit washer/dryer hookups. Listing description indicates that this property has been well cared for and has had many updates including a newer roof. Rents are likely below market so there is an opportunity to raise rents to maximize cashflow.
Unit Mix: Three 2 bed/1 bath units
Total Sq Ft: 2439 (813 sq ft per unit)
Lot Size: 0.27 Acre
Year Built: 1971
Recent Updates: Newer roof and other updates not specified
Property Taxes: $4,148.61 (2020)
What I love about this property
This triplex has the look and feel of a duplex so the units should rent for about the same as a duplex.
Single car garage and fenced patio for each unit
Walking distance to schools, Safeway, local restaurants etc.
Easy rental market - easy to find good quality tenants and vacancy rates are extremely low
Conservative Assumptions Made:
Total monthly rent $3750: each unit rents at $1250/month
Landlord Paid Utilities $300 a month for water and sewer ($100 per unit)
Conventional loan with 25% down payment @ 4% interest rate
Property Management 8%; Vacancy, CapEx, Maintenance: 5% each
About the City of Keizer
Suggested Information to Verify (Buyer to do due diligence)
Always do your own research and analysis on properties!
Gather information about current rents and lease terms. Current tenants are likely paying below market rent.
Research on the Oregon Landlord Tenant laws and raise rents in accordance to the law or consult a real estate professional (e.g. Property Manager)
Verify who pays what utilities. It is likely that the owner pays for water/sewer bill because most multifamily homes bigger than a duplex do not have separate water meters. Owner may also be responsible for landscaping and trash pickup.
If the buyer is purchasing this as an owner occupied property, find out if the owner is willing to give notice to one of the tenants to vacate. This is usually a 90 day notice under current Oregon Law.
Research on local property management companies if you wish to have it professionally managed
Picture of Property: Google Street View (listing did not include any pictures)
Property taxes and additional property info Marion County Assessor's Property Records
Estimated rent amounts: external sources such as www.rentometer.com, Craigslist, Zillow, Facebook Marketplace, etc.
Willamette Valley Housing Market Statistics: https://wvmls.com/statistics.asp
In-N-Out burger picture In-N-Out Burger Keizer