Penobscot St duplex - house hack
First House Hack
Purchased off market in 2018, this was the first house-hack. The property was owner-occupied for about 16 months while it was made market-ready. Long term tenants placed in the updated half in 2019. This project is a long-term hold.
Project KPIs
Acquisition and Project Basics
Project Type: House Hack (Buy and Hold)
Property Characteristics: Duplex, 6 total beds, 2 total baths
Location: 01606, minutes off of 190
Acquisition Source: Friends and Family
Construction/Improvement Timeline: 16 months (self performed)
Total Timeline: Ongoing, currently leveraged into other projects
High Level Financials
Acquisition Price: $218,000
Rehab & Carrying Costs: $50,000
Most Recent Assessment: $575,000
Gross Rents: $4,000/month
Investment Metrics
Debt or Equity: FHA financing at 3.5% down
Value Add Summary
High Level Scope of Work:
- Finished the walkout basement into an additional bedroom and bathroom
- Updated kitchens, baths, and general cosmetics
Value Add Highlights:
- Added off-street parking
- Added second living room / office / or 4th bedroom space