If the idea of having someone else help pay your mortgage is appealing, then consider the up-down duplex in North Oak Cliff at 1216 Kings Hwy.
Listed for $375,000 by Kathy Hewitt and Steve Habgood with the Hewitt Habgood Group of Dave Perry-Miller Intown, this duplex has two 2-1 units. Both are currently rented out to solid, long-term tenants on month-to-month leases, but they are priced under market value. Habgood said the market rate for these units could bring in as much as $3,000 per month. For a property listed under $400K, that would likely cover the entire note, and then some!
The current owner has purchased the property 16 years ago, and lived in the upstairs unit for nine years, Habgood said. The Craftsman home was built in 1923, and he has done a lot of restoration work. He replaced the concrete footers and headers in front, put in new brick support beams, insulated all the exterior walls and attic, added a two-car detached garage, and added new electrical and HVAC to both units. He also sanded and repainted the exterior with Tex-Cote paint, a thicker paint with special reflective pigments that can lower surface temperatures significantly, meaning lower heating and cooling bills.
Let’s take a look inside this Craftsman duplex and check out its potential as an income property.
The upstairs unit is the nicer of the two, Habgood said, and is about 1,150 square feet. It’s currently renting for $1,095 per month, but market rate would be closer to $1,600. This unit has a large front-facing porch that runs the entire width of the house and has a wood swing. In back, there’s a large wood deck with stairs down to the backyard.
The living room has lots of original details, like built-in bookshelves flanking the decorative fireplace. The bathroom has a jetted tub and separate shower, and the hardwood floors run throughout the space, except the bathrooms. The two bedrooms are on the small side, but bright from the windows. There’s also a laundry area with a stackable washer-dryer.
The downstairs unit is about 1,090 square feet and currently rents for $1,095 per month, but market rate would be closer to $1,300-$1,400 per month, Habgood said. It has the covered front porch runs the width of the house, and there’s a small covered deck in back.
Like the upstairs unit, it has original details, like built-in bookshelves flanking the decorative fireplace. The bedrooms feel spacious and hardwood floors run throughout the space, except the bathroom. This unit has a more standard three-piece bathroom, with a shower/tub combo, and has it has its own laundry room with a stackable washer-dryer.
This is an unusual property in North Oak Cliff, with lots of potential as an income property. Let us know your thoughts in the comments section.