Duplex Renovation Project: How We Generated Cash Flow
This year our team took on a new renovation project and we wanted to share. We purchased a legal duplex for $355,000. With a small renovation budget, we were able to renovate the upper and lower units to provide more appeal to potential tenants. We updated both units with fresh paint, new floors and brand new kitchens to make the space feel as if it were new. See before and after photos below:
Before renovations were finished, we began to post ads for potential tenants and were able to secure tenants in both the upper and lower units, before renovations were complete. Once renovations were complete both tenants were able to move in immediately and we were able to start generating cash flow. The upper unit was rented for $1650 and the lower for $1350 for a total gross monthly income of $3000. Once we deducted our costs, we are able to generate monthly cash flow of $800. This investment is a long-term investment, which we hope to hold onto and grow it each year.
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