Flipped properties get a bad rap. The negative stigma is mostly due to sub-par, paint n’ dash jobs that don’t justify asking $200k more, 60 days after the last close–not to say this doesn’t happen. However, in this sea of everyday flippers is a small group of true property developers. These guys don’t just throw in Home Depot stock cabinets, rip out a crappy lawn and sprinkle cedar chips–they go all out and get handsomely rewarded.
Such was the case for this Silver Lake area duplex. Purchased in the summer of 2010 for $385k, it underwent a transformation of Biblical proportions. Twelve months later it reappeared and sold for $715k, garnering this team a very tidy profit.
- Duplex: 2-on-a-lot, 3 bedroom/2 bath main house, 2 bedroom/1 bath rear house
- Silver Lake Area, fairly ordinary street
- Purchased: Summer 2010, $385k
- Sold: Summer 2011, $715k
- Duplexes in high-demand areas are appealing to home buyers. You get to live where you want and get help paying your mortgage with your rental unit.
- Large units are appealing. Owners generally want healthy square footage for their unit. Larger rental units command more rent.
- Duplexes that are 2-on-a-lot is optimal. If someone is buying a house, they want to feel like it’s a house and not an expensive apartment.