Renovating Duplexes into Single Family Residences

[hybridy]

from an investor/flipping viewpoint it all comes down to profit margins and price/SF. the duplexes were likely far cheaper to buy and relatively easy to convert to single family [[less details, less built ins) but the profit margins can be higher on SF/dollar basis cause you get the square footage, bedroom and bathroom counts that are desirable to buyers today.

there's also a shortage of move-in ready properties in general. hgtv makes buyers crave the granite and stainless and it's hard to pass up a move-in ready place for a white-collar professional couple looking to buy.

original purchase: $7/SF
recent sale: $88/SF

2225 lothrop [[2622 SF) example below:

Oct 13, 2017

Sold [[MLS) [[Sold) REALCOMP #217080746

$18,000

Sep 7, 2018

Sold [[MLS) [[Sold) REALCOMP #218060351

$231,000

source

even with a $100K reno budget this sale still nets $100k in profits. pretty awesome investment for under 1 year. this sale also sets a new comp to track against while flipping/investing in the immediate area.

[DetroiterOnTheWestCoast]

from an investor/flipping viewpoint it all comes down to profit margins and price/SF. the duplexes were likely far cheaper to buy and relatively easy to convert to single family [[less details, less built ins) but the profit margins can be higher on SF/dollar basis cause you get the square footage, bedroom and bathroom counts that are desirable to buyers today.

there's also a shortage of move-in ready properties in general. hgtv makes buyers crave the granite and stainless and it's hard to pass up a move-in ready place for a white-collar professional couple looking to buy.

original purchase: $7/SF
recent sale: $88/SF

2225 lothrop [[2622 SF) example below:

Oct 13, 2017

Sold [[MLS) [[Sold) REALCOMP #217080746

$18,000

Sep 7, 2018

Sold [[MLS) [[Sold) REALCOMP #218060351

$231,000

source

even with a $100K reno budget this sale still nets $100k in profits. pretty awesome investment for under 1 year. this sale also sets a new comp to track against while flipping/investing in the immediate area.

Interesting that the Lothrop house sold so close to asking; I guess there really is a market for these. And now it looks like another such project just a few doors away is in the works.

https://www.realestateone.com/homes/...troit-MI-48206

[DetroiterOnTheWestCoast]

Interesting that the Lothrop house sold so close to asking; I guess there really is a market for these. And now it looks like another such project just a few doors away is in the works.

https://www.realestateone.com/home-f...219028124_MIRC

This duplex-to-single family is now for sale. Its at the other end of the same block of Lothrop as the first listing, just off of LaSalle. I hope this trend continues, since there seems to be an ample supply of this type of vacant housing.