Your National Resource For Duplex Ownership

National Resources for Duplex Owners

Welcome to DuplexChick, your online destination for duplex ownership information.

Whether you're thinking of buying your first duplex home, or an experienced investor looking to sell, DuplexChick can provide you with up-to-date market information, tips on investment property ownership, and when youíre ready to buy or sell, help you find a Realtor who specializes in these unique properties right in your area.

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

While every Realtor can sell you a home, not every agent can do the necessary financial analysis to find a duplex that is a good investment. Click here for a neighborhood duplex specialist who can help you meet your financial goals.

Sign Up For Our Free Duplex Buyer's Guide

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

Unlike single family home owners, duplex owners facing foreclosure must also contend with potential tax consequences. Whether you are an owner occupant or duplex investor enduring the stress of being behind on mortgage payments, or needing to sell even though you owe more than your duplex is worth, a short sale can help reduce damage to your credit and tax obligations.

During this stressful time, let one of our Realtors who is an expert carry the load.

Thinking of Selling?

What If I Need To Sell? Regardless of market conditions, learn the tips and tricks to maximize your equity!

Sign Up For Our Free Duplex Seller's Guide

Kari Lundin, Keller Williams Realty Integrity

7401 Metro Blvd Suite 350, Edina, MN 55439 tel. (612) 290-5998

Featured Articles

It’s Spring For Minneapolis Duplex Sellers 04.22.14

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Spring flowers on a black backgroundLike the first spring day after a long winter, the Minneapolis duplex market inspired hope the week ending April 12, 2014.

For the first time in years, 100 percent of the sellers who accepted offers had equity in their properties. On average, these 15 properties went off the market at an average final list price of $250,860. This number is likely to be somewhat smaller when the prices the properties sold for are ultimately tallied.

Last year during the same week, 17 duplex, triplex and fourplex owners accepted offers. Just 41.2 percent of these sellers were not in a distressed situation.  More bank involvement in sales, of course, resulted in a lower average sold price, at $202,753.

Spring was in the air for new listings as well, with 30 new properties coming on the market.  A whopping 93 percent of these investment property owners are traditional sellers.

This number of new listings for the week was actually up 25 percent from the same week last year, when just 24 sellers put properties on the market. Just half of these sellers had equity in their properties.

The single family home market saw a jump in new listings, up 19.9 percent over last year. Pending sales also rose slightly, up 1.8 percent. Thanks to a year-long lack of inventory, however, the total number of homes available was actually down 2.4 percent from one year ago.

In March, the Median Sales Price for a Twin Cities home was up 7.6 percent to $190,000. Sellers continue to get 95 percent of their Original List Price, as there is still just a 3.1 month supply of inventory available.

In other words, spring looks to continue to be a Seller’s Market, which is good news if you’ve been considering making the move.

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How Hiring Just Any Realtor To Sell Your Duplex Could Cost You A Lot 04.21.14

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Small duplex and cash on white background. Isolated 3D imageThis morning, a duplex seller shared with me the “comps” another Realtor had given him for his duplex.

“Comps” are the comparable properties that have sold in the area in the last few months, which help establish the market value of the property.

In his cover letter, the Realtor suggested the seller compare the amount of finished square feet in each property to his own.

And in that note, he revealed how very little he knows about duplexes.

Duplexes are priced a couple of different ways. There are different methods because there are different kinds of duplexes.

Many duplexes always have been and always will be completely occupied by tenants. As such, their worth is dictated almost entirely by the amount of rent they generate every year, their expenses, and the remaining cash flow.

Other duplexes are one hundred percent owner occupied. Since the owner doesn’t usually pay rent, and often makes improvements to the property beyond the scope of what most landlords provide tenants, pricing is a bit more difficult and requires more art than science.

To determine the value of these properties, a Realtor will use a combined approach that includes both the amount of rent a tenant pays, and the ballpark value of single family homes that are comparable to the space in the property the owner occupies.

Neither of these valuation methods use the amount of square feet in a unit; except for how it contributes to the amount of rent the property generates.

In the case of my seller, calculating his duplex’s value according to the amount of square feet actually decreased his value by tens of thousands of dollars!

This again underscores the importance of hiring a Realtor who specializes in duplexes when it’s time to sell. Not doing so may cost you a fortune.

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Where To Look For The Best Rental Returns 04.16.14

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return on investmentLate last month the real estate information company RealtyTrac published a report detailing the best and worst markets in the nation for rental returns.

Their measure of gross rental yields was determined using the median sales price for over 1500 counties in the nation, and the average fair market rent for a three bedroom home for 2014 as determined by the Department of Housing and Urban Development (HUD).

That fair market rent was multiplied by 12 months, then that total was divided by the media sales price in each county.

Wayne County, Michigan– home to Detroit, topped the nation for highest rental returns with an estimated yield of 30 percent.

Of course, the higher the risk, the higher the reward. And Detroit’s lingering economic doldrums may make it difficult to fill rental vacancies.

New York County, New York (home to New York city) had the worst rate of return in the nation at just three percent.

In the Twin Cities, the seven county metro area seemed to hover at yields of 7-8 percent.

That’s still a pretty good return compared to a savings account.

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