Cryptic House has just closed on another rental property, 46 Island Avenue in Orono. It was built in 1840 and the structure of the building is in excellent shape, althought the exterior needs some work. We bought this great little duplex really cheap, and since all the units are already rented, our expected cash-on-cash return for the first year is a truly crazy 42%! This property was a great investment and we’re thrilled to add it to our rental portfolio.
In the fall we plan to refurbish an unused room on the ground floor as a 3rd bedroom, re-shingle and paint the front, install energy efficient heat pump water heaters, and expand the parking lot. These improvements will enhance the curb appeal and massively improve the net operating income of the property.