Think You Can’t Afford Venice? A Duplex Could Be Your Gateway
Dreaming of Venice living but intimidated by the headline prices? You’re not alone. But what if the $1.6 million price tag could actually feel more like $1.1 million?
Welcome to 608 Woodlawn Ave, an amazing Venice duplex strategically located near trendy Abbot Kinney, famous beaches, and vibrant dining scenes. With one unit currently vacant (2 bedrooms, 1 bath), this duplex offers a unique pathway for first-time homebuyers to enter one of LA’s hottest neighborhoods without breaking the bank.
Here’s How It Works:
Live in One, Rent the Other
This property isn’t just a home, it’s a smart financial move. While you live in the 2-bedroom unit, the existing tenant in the back 1-bedroom unit already provides rental income of $3,487 per month. That money isn't just passive income; it's a direct offset against your mortgage payments.
Let’s Crunch the Numbers
Here's how the Duplex compares side-by-side with a Single-Family Home scenario:
| Cost Item | Duplex Scenario ($) | Single-Family Scenario ($) |
|---|---|---|
| Purchase Price | $1,600,000 | $1,050,000 |
| Down Payment (20%) | $320,000 | $210,000 |
| Loan Amount | $1,280,000 | $840,000 |
| Total Monthly Expense | $9,815 | $6,305 |
| Monthly Rental Income | -$3,487 | N/A |
| Net Monthly Housing Expense | $6,328 | $6,305 |
This clearly illustrates how buying the duplex can effectively reduce your housing costs to be similar to those of a significantly lower-priced single-family home.
Starter Home with Long-Term Benefits
Buying a duplex as your starter home means enjoying an incredible neighborhood lifestyle while building equity and financial strength. Real estate investment is not about perfectly timing the market—it's about time in the market. According to recent studies, investors who consistently stay in the market perform significantly better than those trying to time the market perfectly. Even if you're considering waiting to save more or achieve a lower monthly payment, the cost of waiting often exceeds the benefits of even perfect timing. By purchasing this duplex now, you begin building equity immediately and position yourself for substantial long-term gains, making future upgrades into your dream home much more attainable.
Plus, Add More Value
With potential to convert the garage into additional living units (ADUs), there’s ample room to increase property value further, adding even more flexibility and income potential down the road.
Ready to make a smart, savvy move into Venice real estate? Let's talk about how you can leverage this duplex into your first step toward lasting wealth and Venice living. After all, owning in Venice doesn't have to be just a dream—it can be your strategic first home.
