How Can I Find a Duplex for Sale Near Me?

Real estate investors are always looking for houses for sale that they can buy and rent out or sell at a profit.

There are different types of houses or residential properties to choose from, depending on your risk appetite or the amount of money that you can invest. You just need to learn where to look and how to find them. If you are considering buying a rental property, a duplex for sale is worth considering.

A duplex is basically a single building or house with separate entrances for two residents. The units can be built side by side or on separate floors. Typically, duplexes are used for house hacking, where the owner lives in one unit and rents out the other. You can, of course, just rent out both units.

But before looking for a duplex for sale, there are some things to consider. Just like any other real estate investment, investing in a duplex comes with its share of pros and cons, as will be discussed below.

Benefits of Buying a Duplex For Sale

Affordability – Duplexes for sale are usually situated in very affordable areas. As a result, they are an ideal investment for first-time buyers. By buying a duplex, you can test the waters of real estate investing without leaving a hole in your pocket.
Easy mortgage payments – Buying a duplex makes economic sense since you will be collecting rent from your tenant while living in the other unit (if you’re hacking your housing). This makes mortgage repayment relatively painless. You can be sure that you already have some funds for your mortgage payments.
Renting to family members – In case you have family members that require extra supervision or care, you could allow them to rent the extra unit. This way, you can have family members in close proximity while still maintaining a relative sense of privacy.
Tax benefits – Being a real estate investor means that you can enjoy some tax deductions on account of your rental property. For instance, you could deduct repair and maintenance costs before paying taxes on your rental income.

Downsides of Owning a Duplex

Living with tenants – Being a duplex owner and house hacking means that you are a landlord living right next to your tenants. This can be very stressful, especially if you have a tenant that is always knocking on your door making complaints or requests. However, this may not always be the case but it’s important to know what to do in case it happens. As a landlord, therefore, you need to be very selective about the kind of people you allow to live next to you. In addition, you need to have ground rules that will facilitate a harmonious relationship.
Rental income is not guaranteed – Having a duplex is not a guarantee that you will always have tenants, especially if you are house hacking. This is because not everyone likes the idea of living next door to the property owner. You are likely to have some periods of vacancy which will mean losing rental income. As a real estate investor, you should anticipate such a scenario at the very beginning and be prepared for it in case it actually happens to your property.

Keep in mind that some of these pros and cons are a result of house hacking. So, if you plan on renting out both units, you can minimize some of the cons and make the most profit from rental income. On the other hand, you will not be living for free but instead, paying for rent or mortgage payments on your primary residence.

4 Ways to Find a Duplex for Sale Near You

Many investors ask, “How can I find duplexes for sale near me?” If you’ve weighed the pros and cons and are ready to start your search, here are some of the ways to find an investment property of this type:

1. Check Real Estate Sites

In this day and age, the internet has become an excellent tool for finding just about anything. And in the case of real estate investing, going online is considered a beneficial way to search for deals and properties in as many locations as possible. Finding a duplex for sale or a fourplex for sale on your own is a great way to avoid commissions charged by real estate agents.

By going online, you don’t need to go to Texas to find a duplex for sale in Houston? If you’re planning to settle on the West Coast, just tap on your keyboard and search for a duplex for sale in Los Angeles? Looking to go where it’s sunny almost year-round, how about a duplex for sale in Miami or a duplex for sale in Orlando? You can do this easily by checking various real estate sites.

The good news is that there are many places out there where you can conduct an investment property search and find listings of homes for sale. Some of the sites worth looking up include Loopnet.com, Auction.com, Craigslist.com, Realtor.com, and Propertyshark.com.

One of the best real estate investment tools for finding and analyzing duplexes for sale, however, is Mashvisor’s Property Finder. Rather than just locate listings, you’ll be able to pinpoint duplexes that will bring you a good return on investment.

Try the Property Finder tool for free now to find a duplex for sale.

2. Hire a Real Estate Agent

finding duplexes for sale near me

Who can better help you when you are looking for a duplex for sale or any residential property than a real estate agent? Experienced real estate agents can be very invaluable when looking for duplexes for sale.

Such agents can provide useful information about the state of the local housing market and help determine the value of the property accurately. They can also guide you in the right direction when it comes to investing in real estate.

However, working with a real estate agent when looking for duplex homes for sale or multi family homes for sale means commissions will be involved, which are usually 3% to 7% of the sale price. For example, if you buy an investment property worth $250,000, the commission could be between $7,500 and $17,500. That’s why it’s important to take this factor into account before hiring a real estate agent.

3. Network With Other Investors

Networking with other real estate investors is a great way of finding duplexes for sale in the neighborhood. One of the best ways of networking to find a duplex for sale is by joining the local real estate investors association (REIA). Such groups frequently meet to learn, network, and share information with each other. You can also attend local real estate trade shows and seminars to look for a duplex for sale.

Check with the local government unit in your area to see if there are groups or organizations that can help you find a good investment. In general, if you’re not looking for a property to invest in at the moment, it pays to be in touch with relevant real estate groups so you will be able to stay updated on what’s happening in the industry. And it would not hurt to have several contacts in your niche that may be of help to you in the future.

4. Drive for Dollars

Sometimes, you may not need to look that far to find what you’re looking for. A slow drive through a neighborhood is likely to reveal duplexes for sale. Look for For Sale By Owner (FSBO) signs around the area. Some property owners use such signs to attract buyers instead of listing on property sites. It means that you could be the first person to know about a duplex for sale. In addition, you need to check for indications of neglected and rundown buildings in the neighborhood. You can buy such distressed properties at a low price and increase their value through renovations and repairs.

Key Considerations

Once you manage to find a duplex for sale, you need to check its investment viability to be sure you’ve found a good property to invest in. It is important as you don’t want to see your money go to waste. So make sure to do the following:

1. Check the Numbers

As a real estate investor, finding a duplex for sale in a great location is not enough. You need to look at the numbers before deciding whether or not to invest in an income property. Some of the important stats to consider include:

Rental rates – Find out the rental rates for comparable properties in the area. It will help you establish if the rent can cover the costs associated with running the property.
Vacancy rates – If properties in the area show a high turnover rate, you will struggle to generate a good return on investment. The vacancy rate in a particular location is an important detail to consider when searching for properties.
Net operating income – Also known as cash flow, net operating income or NOI is what is left after deducting expenses from the gross rent. You want to make sure you have a positive cash flow.

The occupancy rate, cap rate, and cash on cash return are other numbers you need to look at. You can get these numbers from sites such as Mashvisor.

Use Mashvisor’s wide array of tools to find the most relevant data for a duplex for sale.

2. Inspect the Duplex for Sale

Once you’ve identified potential investment properties in your area, you need to carry out an inspection to ascertain the building’s condition. While some buildings come in rent-ready condition, others might require some renovation first. It would be advisable to have a professional contractor or building inspector look at the duplex you are considering. Get a comprehensive inspection report outlining what needs to be upgraded. This report can come in handy when negotiating with the property owner. If the repairs are too extensive, it would be wise to back out of the offer and look elsewhere.

The bottom line is to make sure that the duplex is in good livable condition before renting it out, which means ensuring that it is safe to live in. Also, if there are repairs and upgrades that need to be done, it’s better to deal with them right away before the situation gets worse, leading to people getting injured.

Conclusion

Are you ready to find a duplex for sale near me? Don’t forget to do your research. There are many resources that you can look into to gain a deeper understanding of how investing in a duplex works. It’s true that anyone can learn how to find duplexes for sale, but it’s still essential to understand the pros and cons of buying one. After all, you are shelling out money from your own pocket – you might as well make sure that you’ll have a good chance to make it a viable investment.

Look for investment properties that will generate positive cash flow and offer the potential for capital gains. Remember that due diligence is a must for a successful real estate investment. Also, it’s advisable to consult a reputable company with the experience, expertise, and tools necessary to invest in a duplex, multi family home, or any other type of property for that matter. They will be able to assess the risks and recommend the best solutions for your investment needs.

To begin your real estate investing journey, make sure to check out Mashvisor, which offers the most reliable tools for finding and analyzing different types of properties. Sign up for a 7-day free trial of Mashvisor followed by a 15% discount on your quarterly or annual subscription.

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How Can I Find Duplexes for Sale Near Me to Invest In?