2611 Golfview Terrace SE

Description

Welcome to this well-maintained, freshly updated four-sided brick duplex, where each 1,680 sq ft unit features 3 spacious bedrooms and 1.5 bathrooms designed for comfort and convenience. Over $30,000 in renovations and upgrades were completed in 2021, with additional recent updates including fresh interior paint, new bathroom vanities, and new carpet throughout the bedrooms. Inside, each unit offers a cozy family room with a fireplace, a functional kitchen with stainless steel appliances and generous cabinetry, and a dedicated laundry room. The bedrooms are filled with abundant natural light and feature new carpeting for added comfort. Outside, the fenced backyard provides a private space to relax or entertain, along with a covered porch. The area is also experiencing rapid growth, with 5,600 new jobs coming to major employers such as Rivian, Archer Aviation, and Meta, all within a 10-minute drive. Average rents for 3-bedroom rentals in the area are currently around $1,500/month, presenting strong upside potential for future rent increases. Whether you're seeking reliable rental income or a multi-generational living solution, this property offers an ideal combination of versatility, value, and steady returns. Unit 2609 currently rents for $1,230/month, and Unit 2611 is currently vacant. If unit 2611 is to rent for $1,230/month, generating approximately $29,520 in gross annual income. Estimated annual operating expenses are approximately 16% of gross income ($4,723), resulting in a Net Operating Income (NOI) of approximately $24,797. Based on a $395,000 purchase price, 20% down payment, 30-year amortization, and an estimated 6.3% interest rate, projected annual debt service is approximately $23,470. This results in an estimated annual cash flow of approximately $1,327 and a cap rate of approximately 6.3%, making this an attractive opportunity for investors seeking long-term appreciation with immediate income and upside potential. MARKET RENT POTENTIAL: With average 3-bedroom rents in the area currently around $1,500/month, total monthly rental income could increase to approximately $3,000/month or $36,000 annually. At market rents, the estimated NOI increases to approximately $30,240, annual cash flow improves to approximately $6,770, and the projected cap rate increases to approximately 7.7%, providing significant upside through future rent growth and increased returns.