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Tried the 'fixer upper' strategy on a duplex in Cleveland and now I'm wondering if sweat equity is even real
Bought a run-down duplex for $85k, spent $30k on renovations over 6 months, and the appraisal came back at $110k, so did I actually make money or just break even when you figure in my time and stress, and has anyone else had that moment where the numbers on paper don't match reality?
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calebw5027d ago
Bought a similar duplex in Akron for $72k and after $25k in work it appraised at $105k, but that stress was way higher than I expected on paper.
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the_wesley27d ago
The real hidden cost nobody talks about is the mental toll during those 3-4 months of construction, especially if you're living in one unit while working on the other (or worse, both units). That 8% COC return looks way less attractive when you're eating gas station sandwiches every day because your kitchen is ripped out and you haven't slept through the night in weeks.
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