JUST SOLD! Ogden Duplex Investment Property
Published On: June 21, 2018 Posted by: Jeremy Peterson
We just closed on the sale of this interesting duplex property located in Ogden. The property is located at 361 Franklin St. and is a side by side duplex. The building is large with each unit getting half of the building’s 2500 livable SQFT. The units are unique with a very large bedroom on the main level and a substandard bedroom in the basement. The building also needs substantial attention paid to deferred maintenance.
After doing some market analysis, inspecting the property, and talking with the seller, we determined that $140,000 was the fair market value of the property given its current condition. We also determined that the condition would likely require the transaction to be done via seller financing to navigate around some potential roof problems. A buyer expressed interest in the property and an offer was tendered and accepted.
The transaction closed quickly. The buyer paid 10% as a down payment and agreed to a note payment of $1,200 per month on a 20 year amortization at 7.35%. The note has a four year balloon payment. While this property will not have positive cash flow for the buyers, it will have aggressive equity growth via principle pay down. With time, the property can be refinanced and then bring positive revenue to the new owners. In the meantime, the seller enjoys monthly payments that are very near what they received in rents prior to the sale.
If you are looking to sell your income property, CONTACT ME, and let’s discuss some options that will get you top dollar for your property.
