February 2021 Newsletter
1694-1696 NW Division St, Corvallis OR
Duplex | $299,000 | February 28, 2021
Rare to hit the market! Priced at only $299k, this is an amazing 2 bed 1 bath duplex on a HUGE 0.24 acre lot in downtown Corvallis. You can live in one side of the duplex and rent the other side out for additional rental income to offset your mortgage or rent both sides as an investment property. This is the ideal rental location in Corvallis that is close to the Oregon State University, grocery stores, restaurants, local schools, parks, and the free public bus system.
Monthly Income: $2400 ($1200 per unit)
$300 Monthly Cashflow
5.5 Cap Rate
5% CapEx, 5% Maintenance, 5% Vacancy Rate, Utilities (Water/Sewer)
Conventional Financing with 25% @ 4% interest rate
Suggested Information to Verify (Buyer to do due diligence)
Gather information about current tenants and lease terms. Current tenants may be paying below market rent.
Verify who currently pays utilities. Many duplexes do not have separate water meters so the owner usually pay the water/sewer bill and the tenants pay all other utilities.
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 Oregon Law.
Contact the owner or consult with a real estate professional if you wish to purchase this property.
Research on property management companies if you wish to have it professionally managed
Note: Craigslist is not typically where I find the majority of opportunities but sometimes you get a pleasant surprise like this!
Property taxes and additional property info Benton County Property Assessment Search
Estimated rent amounts: external sources such as www.rentometer.com, Craigslist, Zillow, etc.
Pictures: Google maps, Sketch from Assessor's website, https://www.corvallisoregon.gov