1,694 SqFt
1,694 SqFt
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Twin/Semi-Detached
Listing Status Coming Soon
Purchase Type For Sale
Square Footage 1,694 sqft
Price per Sqft $265
Subdivision None Available
MLS Listing ID VAWI2007166
Style Colonial
Abv Grd Liv Area 1,694
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $1,429
Tax Year 2022
Lot Size 5,750 Sqft
Acres 0.13
Property Sub-Type Twin/Semi-Detached
Property Description
On the second level of this duplex is a 3 bed, 1 bath unit that was just renovated in Jan 2025 with new Luxury Vinyl Plank flooring, new paint and an updated bathroom. Seller is planning to leave this unit vacant for 2 weeks so that we can show it to interested buyers. Available to show now. This will be on the market to rent for $1800 a month. If you accept section 8 or housing vouchers then you have potential to increase it even more. The HUD FMR for 3 bedrooms were just updated to $1952/mo in this area.
On the main level is a 2 bed, 1 bath unit that was fully renovated in 2021 with new LVP and amazingly refinished hardwood floors, brand new bathroom, all new paint and stainless kitchen appliances. Great long term tenant renting through Dec 2027! She said she hopes to stay there forever if possible! Current rent is $1565/mo with an 5% increase each year. Photos shown for this unit are from before existing tenant moved in. No showings available for this unit (please do not disturb tenant) however a $2700 Security deposit will be transferred to new owner at settlement for this lease.
Financing options:
1. If you are looking to "House-Hack" you may qualify to buy this with 0-5% down using an FHA, VA or owner occupied conventional loan. Live in one of the units and have the tenant in the other unit help drastically reduce your mortgage payment! The current rental income may actually help you qualify for a higher mortgage than you normally would without it. Live there for a year or so, then move on to your next purchase...and guess what? You just purchased a cash-flowing rental property in an appreciating market for 0-5% down! That is unheard of! Result. Positive Cashflow and you start your path as a House-Hacking Jedi. Welcome Padawan..
2. Or Rent out both sides and purchase with a 20-25% down conventional loan through a traditional lender based on your debt to income. Result. Positive Cashflow!
3. Don't want a loan based on your debt to income? We have great investment lenders who can help you purchase this with 20-25% down based on the rental income of the property alone! These loans are amazing! Your income does not matter. You purchase in an LLC, not in your name, and the loans typically do not show up on your personal credit report! Result. Positive Cashflow And you dip your toe into a galaxy of endless opportunities that 99% of investors don't event know about. Welcome Captain Kirk..
4. Creative financing: Seller Financing/ Owner Financing wrap. The price for this option is $472k. Have at least 35% down? If so the seller would entertain seller financing at below market interest rates. 35% down gets you a 6.5% interest rate, and 50% down gets you a 4.875% interest rate! 30 year amortization. No balloon payment. Result. Crazy Positive Cashflow AND you unplug from the Matrix completely. Welcome Neo..
5. Cash Purchase? Yup, cash is still king. Seller is offering a buy it now price of $438k for a quick cash sale. Result. Uber Positive Cashflow!
Need more info on how to structure these types of offers? They discuss stuff like this every month in Winchester at the Cash-Flow Breakfast Club. You should check it out!
Don't sleep on this one. Reach out to listing agent if you want to discuss any of the offer options in detail...or if you just want to chit chat about investing. That's cool too :)
Location
State VA
County Winchester City
Zoning B1
Interior
Interior Features 2nd Kitchen
Hot Water Electric
Heating Baseboard - Electric
Cooling Ceiling Fan(s)
Flooring Hardwood, Luxury Vinyl Plank
Equipment Built-In Microwave, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances
Fireplace N
Appliance Built-In Microwave, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances
Heat Source Electric
Exterior
Garage Spaces 6.0
Water Access N
Roof Type Metal
Accessibility None
Total Parking Spaces 6
Garage N
Building
Foundation Other
Sewer Public Sewer
Water Public
Architectural Style Colonial
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Winchester City Public Schools
Others
Tax ID 153-01-E- 31-
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Contract, Conventional, FHA, Installment Sale, Lease Purchase, Negotiable, Seller Financing, VA, VHDA, Wrap, Other
Listing Terms Cash, Contract, Conventional, FHA, Installment Sale, Lease Purchase, Negotiable, Seller Financing, VA, VHDA, Wrap, Other
Financing Cash,Contract,Conventional,FHA,Installment Sale,Lease Purchase,Negotiable,Seller Financing,VA,VHDA,Wrap,Other
Special Listing Condition Standard
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