Looking for a duplex real estate investment in the Everett area?  How about this property on 63rd St SE! 

Each unit has 2 bedrooms and one bath, and as a bonus each one has two covered and two uncovered parking spaces.  All the appliances including the washers and dryers stay and being just a few blocks to Everett Golf & Country Club this duplex is definitely one to look at!

PDF Flyer for This Everett Duplex

Give me a call at 425-773-3149 if you would like to take a look a this duplex or any other investment property in the Seattle area!

Obviously if you are comparing a duplex to a condo you are going to be occupying one of the units in the duplex.  What becomes important then, is that you are deferring part of your total mortgage payment by renting out the other half of the duplex.  Let’s look at a real world example.

In Everett Washington right now, the average condo price is right around $250,000.  With 10% down that puts your payment at around $1350 per month.  Looking at new duplex properties in Everett, you could probably find one for around $320,000.  Again with 10% down, your payment will come out to be roughly $1726.  So for a little less than $400 a month more, you get a whole extra unit to rent out.

If you live in one half of the duplex, and rent the other out for $1000 per month that would bring your share of the mortgage payment down under $750 a month!  That is cheaper than rent!  The really great part is that because you are going to live in one of the units, you can get regular financing and FHA loans to purchase your property.  This means that you can get into property with as little as 3.5% down.  Plus there is still talk that FHA will allow buyers to use their $8,000 tax credit towards their down payment.  If this is the case, you could be in a duplex for under $5,000 out of pocket.  That is just downright amazing!

I definitely encourage anyone that is wanting to purchase a condo, but that is interested in owning multifamily property, to seriously consider a duplex or even 4-plex to live in! 

If you are ready to make the jump, and purchase a duplex to live in please give me a call at 425-773-3149.  I can definitely help you track down a property that is right for you!

Everett Multi-Family Property Statistics

The sold figures for 3-5 unit multi-family properties in Everett were skewed slightly by the fact that there have only been 2 sold in the past 90 days, one of which was a tri-plex that closed at $199,900.  I suspect that it needed some work.  Listings that say ‘Needs TLC’ and ‘Buyer to waive form 17′ are usually in pretty rough shape or there are serious worries. 

Lynnwood Multi-Family Property Statistics

Prices in Lynnwood for duplex and multi-family properties is higher as you can see, with the age and condition of several of the Everett properties pulling the prices down.  One other thing to note is that there are 42 active duplex properties in Everett, and only 8 currently on the market in Lynnwood.

What I am seeing is that for investors with backing, there are some good deals to be made.  The one duplex sale that did happen in the last 90 days was only on the market 19 days and dropped from an initial price of $425,000 to a final selling price of $370,000.  At that price it most likely won’t break even if it is financed, unless of course there was a sizeable down payment.

If you are shopping in this area for a duplex or small multi-family property, my suggestion is to have your financing ready, and make some offers!  The market isn’t moving very fast, which means sellers need to compete if they want to sell.

When you are ready to get out there and start making some offers, give me a call at 425-773-3149 or send me an email at Jacquie@JacquieCliff.com and I will try not to have too good of a time beating up the sellers (proverbially) for you.  Of course if you are looking in areas other than Lynnwood and Everett for multi-family investments, I can take care of you there as well.  If you need and example, just check out my road trip to Aberdeen to look at a bunch of multi-family properties (which had positive cash flow!)