UPCLOSE & PERSONAL
CASE STUDY
HOW I ENJOYED FIVE YEARS OF WATERFRONT LIVING AS OWNER-OCCUPANT OF A MISMARKETED DUPLEX, UPDATED, CONVERTED IT TO SINGLE-FAMILY, THENMADE A TIDY PROFIT.
Best of TwoWorlds
by Larry Arth
A
s an investor and a person who loves the water, when I read
told me that properties that are not mar- keted properly tend to create some good buying opportunities, as the competition for purchase is low. The house was a two-level, sin- gle-family home known as a walk-out rambler or ranch home. The home boasted nearly 3,000 square feet, and it had a huge in-ground swimming pool. It sat on a two-thirds-acre lot at the end of a cul-de-sac. The property had deeded boat access, and the lower level was finished as its own apartment and was occupied by a tenant. The zoning
allowed for one to two units. It was marketed as a vacant duplex. As I toured the property to see if it would be a good investment, I instantly loved the potential of the property. It needed considerable updating, but the price was right, and the upside was huge. When converted back to a single-fam- ily home and updated, this property would demand a much higher price. The renovation would consist of simply converting the lower-level kitchen into a den or office, or even a bedroom and removing the door to the stairway.
about an open house for a duplex that has water access and a deeded dock for $109,000, I sat up and took no- tice. When I read on to see it has an attached double garage and a second building that is the equivalent of a five- car garage with a loft above it, I got in the car and went to take a look. What I found was a large house, sur- rounded by higher-priced single-family homes, that was being used and market- ed as a duplex. My experience has always
100 | think realty magazine | may :: june 2016
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