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Multi-family homes can be a great investment, especially for those new to real estate investing. This type of property is easy to understand for new investors. You expect each unit to have its own entrance, kitchen, bathroom and utilities – in other words, the same utilities you would find in a single home.
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In this article, we will focus on investing in a duplex, triplex or quad, as this type of property is considered residential and makes financing easier than applying for a commercial property loan.
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Buying a multi-family home gives you more options for renting units. Some people choose to live in one house and rent another. For example, some families use them to welcome good families, elderly parents or elderly children. Family members are always independent, but the help they need is just a few steps away!
These types of units, like any real estate investment, have their pros and cons. Individual investors must consider many factors when making a decision. On the plus side:
It is often easier for first-time investors to finance houses with four bedrooms and smaller. In fact, many lenders treat these small multi-family homes as if they were single-family homes. They are considered a low-risk investment and therefore attractive to lenders.
Investing in multi-family homes often gives you a higher monthly cash flow than a single-family home. Having leases that can be renewed on a 3, 6, 9 or 12 month cycle means that the rent can be increased based on market demand.
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Multifamily housing by definition has multiple rental incomes, so if you have a three-story apartment and one is vacant, you collect more rent from those two to cover your housing costs. Typically, multi-family combined rents are higher than single-family rents of the same price.
As an added bonus, multifamily homes have weathered past periods of economic uncertainty better than other real estate investments.
As home prices across the country skyrocket — certainly the case in the Raleigh/Durham area — many average home buyers are finding themselves out of the market. Some of these families are now postponing their plans to buy and rent a home.
It may seem logical that the costs of a multi-family home are multiples of one unit, but in fact there are economies of scale. For example, a second unit in a duplex can be only 50% more than buying one unit. For this reason, duplexes and triplexes often have better cash flow than single-family homes. Also, if one unit is not rented, you still owe rent on at least one other unit.
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If youare not interested in the full management of your multifamily property, another option is to hire a property management company. This option can be expensive for a single-family home, but it makes sense if you have multiple apartments on the same property.
“House hacking” is not a cyber weapon, but a practical advantage for some investors. Here’s how it works: If you live in a multi-family house, it is possible for those tenants to pay your mortgage and expenses for you. Eliminating housing costs is a huge win for anyone’s budget, especially considering how housing prices in the Raleigh/Durham area have risen over the past decade.
However, there are some issues with living in your area, which makes it difficult for us to purchase multi-family homes.
If youare a landlord, remember that your tenants will look to you if they have a problem. They knock on your door in the middle of the night when the pipes burst.
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And of course you share walls and other common areas with your tenants. There may be more “public” in this business than you’re comfortable with, so keep that in mind.
Managing a multi-family group takes time. You can reduce this problem by hiring a property manager, but be aware that you still need to save some time because you, the homeowner, may need to visit the property for maintenance and repairs.
As a landlord, you have to deal with individual tenants, tenants with all kinds of personalities and communication styles. However, selling multi-family real estate is even less work than managing a portfolio of single-family homes.
When youarerentingyourownunits,youarecompetingwithlargerapartments,someofwhichhaveeveryamenity In some areas with many apartments, you may not be able to pay the highest rent; on the other hand, some tenants prefer quiet rooms and are happy to give up the “extras”.
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Another competition for multifamily units may come from sophisticated investors. Sometimes this shuts new investors out of the market entirely. Another strategy that novice investors use is to work with experienced investors to learn the ropes.
Rental units may not be adequate in terms of availability and maintenance costs; Even property taxes can vary significantly from year to year in some markets. We have seen taxes go up in the Raleigh/Durham area over the last 10 years, mostly due to rising property prices.
Almost all multi-family homes require some work when purchased, as many are owner occupied. One of the most important things you should do is to have an independent home inspector inspect the units before you buy. This way you can negotiate with the seller or back out of the contract if there is a major repair problem.
Although multi-family homes such as duplexes or three-story homes are less common than single-family homes, the Triangle area often has some features. Below is a complete list of multi-family homes for sale in Durham, Chapel Hill, Raleigh and surrounding areas.
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Be sure to select the correct province you want to search or contact us for help. We have experience in small multi-family homes and can help with property estimates.
Welcome to an exciting investment opportunity in a prime Halifax County location minutes from HWY 95. This multi-functional property offers an excellent opportunity for professional…
Duplex in downtown Zebulon, affordable for sale, walking distance to lively N. Arendell. Use the rental space for bars, restaurants, banks, dry cleaners, cafes…
AMAZING Opportunity to build a home! Live on one side and collect rent on the other. Where is the despair? This duplex is finished with many upgrades including…
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Attention investors! Long-term tenants and tenants want to stay. Separate water and electricity meters for each appliance. Currently the tenants are from month to month. Sold ”…
Alert for great investment opportunity! Check out this 3 story multi-family listing for sale in Fayetteville. Each room has 1 bedroom, 1 bathroom and 2…
Great investment opportunity with this duplex! Great location in Fayetteville as it is close to Ramsey Street and Skibo shops. Both units are occupied and pay…
Great opportunity to own an income producing rental property in Raleigh! The 327 is on a DOT maintained track with a large front, has a large rear with a large…
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BABY, this is for you! Don’t miss this great opportunity to get a slice of American Pie in Durham. It is a “diamond in the rough” – currently O…
True turnkey duplex in East Durham Newly renovated in 2023, this property has new cabinets, granite counter tops, tile floors, and new stainless steel…
Great opportunity to own an income producing rental property in Raleigh! 325 A/B is situated along a well maintained road with lots of frontage, there is a plot with an attractive…
GOOD FEET! All 3 homes for rent on 2 lots in amazing Four Oaks! A tenant lives in every house. There are no restrictions. Homeland…
Southern Hills Estates
**Income Duplex investment opportunity! ** Welcome to 205 A&B Mitchell Ave in Franklinton! This duplex offers a unique opportunity for savvy investors…
Two properties are being sold together – 3238 Princess Ann Dr and 3254 Princess Ann Dr. (vacant lot nearby) 3238 Princess Ann has 5 trailers for sale…
Rare opportunity to own a spacious duplex located off Country Club Drive. Close to VA hospital, shopping, schools, etc. 1 bed / 1 bed and 2 beds / 1 bath. …
We welcome you to a unique real estate opportunity on 1.5 hectares of prime land with four houses with great potential. With a few improvements these homes could be sold…
Triangle Real Estate
ITB Ranch on a main residential street. It is ready to receive some TLC from its next owner. live in it or use it as an investment property. Good opportunity
Duplex with one bedroom, one bath, kitchen, dining room
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