North Minnesota Duplex Scenario
This charming duplex was purchased in February of 2015 by first time home buyers for $381,000 using an FHA Cash Grant Loan. The owners invested $62,000 in renovation costs into a complete remodel of both units. This property currently provides a 24% rate of return to the owners. The property was re-appraised at $640,000 in October of 2015 netting an equity gain of $259,000 in just over 8 months.