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.