10/10/2026
INVESTORS DON'T MISS THIS!!
Two homes. One lot. Three ways to play it ๐
๐ 1530โ1540 Salem Ave SE, Albany
๐ฐ $499,000 (just reduced)
These are two separate, detached homes on one tax lot, so lenders treat this as a duplex. That opens up some smart options:
๐ Strategy 1: House hack with 3.5% down
Live in one, rent the other
FHA financing, just 3.5% down
Estimated payment: ~$4,040/mo
Rent the other unit for ~$2,500/mo
Lenders can count 75% of that rent toward qualifying
Your net out-of-pocket: ~$2,165/mo
๐๏ธ Strategy 2: Full rental with 20% down
Conventional financing
Rent one home for ~$2,500/mo and the other for ~$1,750/mo
That's ~$4,250/mo in gross rent
Estimated payment: ~$3,314/mo (principal, interest at 8% & taxes, insurance not included)
That's ~$936/mo CASH FLOW before insurance
75% of rent from BOTH homes can count toward qualifying, even if they're vacant at closing
๐ Strategy 3: Split the lot
Buy now with standard duplex financing
Split the lot later and refi into two separate loans
Each home estimated around $280K, roughly $560K combined vs. $499K today
โ ๏ธ Strategy 1 estimate based on FHA, 3.5% down, good credit. Strategy 2 estimate includes principal, interest, and property taxes at an 8% rate and does NOT include insurance. Not a rate quote or obligation to lend; for reference only. Lot split subject to city approval.
First investment property or your next one, let's find the strategy that fits you ๐
๐ฒ (503) 559-2489