This property was listed on the MLS. It was owned by a woman out of state. The price seemed good. It was on a main street near the university. When we toured we learned the listing agent would not go in the building because of cockroaches.
The upstairs apartment was ready to rent. The back studio needed some work but was in good condition. The downstairs apartment had 3 young guys and 3 or 4 cats. The kitchen sink drain was plugged. Cockroaches were swarming above the bathroom door. We knew we could solve these problems.
We turned the water off to the building and killed the cockroaches. We repaired the kitchen sink drain. We added a laundry, replaced the furnace and added air conditioning. We upgraded the electrical service and installed a new roof.
We bought it in 2009 for $63,000. We sold it in 2024 for $267,000, which is a 324% increase. We also had the rental income for 15 years.
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