This investment property in El Paso offers a compelling blend of historic charm and modern living. Comprising two distinct units, the front house, built in 1920 and remodeled in 2022, rents for $1,450 per month. The back unit, transformed from a storage space to a stylish 2-bedroom residence in 2023, commands $1,050 per month and is fully furnished. According to recent data from Redfin, the El Paso housing market is on an upward trajectory, with home prices in October 2023 up by 9.2% year-over-year, reaching a median of $250K. Homes are selling relatively quickly, with a median of 32 days on the market, signaling a persistent demand. This property's combined rental income of $2,500 monthly is particularly attractive in this context, with the market being somewhat competitive and homes generally selling for about 1% below the listing price. For the investor, the down payment for this property is $40,000 with a mortgage of $190,000 at an 8.5% interest rate, resulting in monthly principal and interest payments of approximately $1,497. Including taxes and insurance estimated at $297, the total monthly payment is about $1,789, leaving a reasonable profit margin considering the combined rental income. El Paso's market dynamics are bolstered by a steady flow of interest from in and out of state, with notable net inflows from cities like Los Angeles, Alamogordo, and Houston. This diverse interest may contribute to a stable and potentially growing tenant base, making this property a sound investment in a city where the median sale price is still 39% lower than the national average. The potential for this investment is underpinned by El Paso's growing market, the property's immediate rental income, and the prospect of capital appreciation, aligning with the city's positive housing trends reported by Redfin.
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