Sunday, July 22, 2007

Mid-Mod/Mid-Mod investment property

Did you know that there is a whole group of 138 duplexes in Vintage Vegas that were mid-mod? They're actually FRANCISCO PARK ONE, built by the Pardee company, and to my knowledge, the earliest residences built by Pardee. They're East of Maryland Parkway, between Sahara and St. Louis till you get to 15th Street. Most of them are pretty run down, low rent, and desperately in need of a major transition.

I get asked all the time about investment property, and anytime that there's more than one tenant, the risk of vacancy, slow rent payments, etc is lessened proportionately. They bring rents from 700 to 900/month per unit, so they have a much higher rent roll than an equivalent single family home. If

Scattered around thru out the group are a few nice ones, and the nicest cluster is on St. Louis facing the Liberace Townhomes.

Each of the 138 duplexes have a 3 br/1bath unit and a 2br/1bath unit. All units have covered parking, and a separate back yard.
Currently there are 2 for sale at 250k and 270k. In the last year there have been only 4 sold, between 210k and 250k.

We're going to explore the "undiscovered" neighborhoods that Pardee built during the next week. There's really 5 groupings of them, and all of them are called FRANCISCO PARK. These duplexes were the first and earliest to be built in 1954.

1 comment:

smart investor said...

why not show us some of the really bad ones, instead of just the few good ones. I'm going to drive thru there tomorrow before work.