If you are looking to move where the real estate trends are already heading, then multi-family portfolios are where you should be putting your money. This property is already rented, cash flowing, and needs very little to no repair. Both tenants are great tenants who want to stay, don’t need anything fixed, and have good paying jobs. You are within a couple of miles from Stetson University as well.
The roof on the front unit was done last year and the the back roof was done 6 years ago. There are some mismatched shingles, so I am assuming it wasn’t a complete re-roof. The bathrooms were remodeled last year, electric is in good shape, plumbing is in good, and seller put ceramic tile thru out the houses last year. You will want to add central A/C at some point.
Currently, the front house is rented for 700/mo and the back house is rented for 500/mo. They are both on month to month leases. Per the market, 1/1 should be paying anywhere from $650 to $725/mo and 2/1 should be paying anywhere from $800 to $900/mo. If you use what the market asks for, that gives you a yearly cash flow of roughly $17,800. If you are purchasing at $89,900 and figuring in $10,000 for adding ac and small odds and ends, that puts you at just under 18% raw ROI!
Photos and additional information - https://flipsandflows.com/properties/very-clean-duplex-in-deland-with-high-roi/