Case Studies › The Winter Triplex

The Winter Triplex

This client had been searching for a while, weighing different markets and property types. The winning deal was hiding behind two bad photos, and we toured it in the snow.

Buy Side · InvestmentSmall MultifamilyValue-Add Hold
Under asking
Negotiated price
Favorable
Appraisal vs. contract
+1 unit
Potential attic conversion
The situation

A long search, a lot of options

My client knew she wanted to invest and had been searching for a while. With several markets and property types still in play, the real obstacle was uncertainty, and the search needed structure more than it needed more listings.

We ran numbers on everything credible: off-market options I sourced through my network, and on-market inventory most buyers had already dismissed.

The approach

The listing everyone scrolled past

The property with the strongest numbers was sitting on the open market with only a couple of low-information photos, the kind of listing most buyers scroll past without a second look. I got the listing agent engaged and toured the property in the snow, when other interested parties were not willing to make the trip.

The triplex needed some TLC, but it had rent upside and a real long-term path: with county approval, the attic could become a fourth unit.

The outcome

Equity confirmed on paper

We negotiated under asking, and the appraisal came back in my client's favor. A long search ended with a property that cash flows today and has a value-add runway for later.

What made the difference

Diligence looks boring until it wins. Running both on-market and off-market numbers, engaging a listing agent others ignored, and showing up in the snow uncovered value that better-photographed listings never offered.

Working through something similar?

Every one of these deals started with a conversation about goals, not listings. Tell me what you are working toward and I will tell you what I see.

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