Duplex Desk
Duplex Acquisition Case Studies
Two-unit acquisition profiles — occupied, vacant, inherited, or deferred-maintenance duplexes evaluated as-is, without listing exposure, repair credits, or financing contingencies.
Selected acquisition profiles examining asset strategy, underwriting, transaction structure, and value-creation considerations across AceStone’s target markets.
Duplex Acquisition: Side-by-Side Two-Unit, Charlotte Metro
A two-unit Charlotte duplex with one vacant side and deferred maintenance, acquired as-is with firm capital on a 16-day timeline.
Duplex Acquisition: Inherited Two-Unit Building, Columbus
An inherited Columbus duplex with a distant heir group and an open code citation, closed in 18 business days without listing exposure.
Duplex Acquisition: Owner-Occupied Two-Unit Property, Tampa
A analysis of a Tampa duplex where the owner occupies one unit, and why current income and stabilized income must be underwritten separately.
Duplex Acquisition: Below-Market Rent Position, Dallas–Fort Worth
A modelled underwriting review of a fully occupied Dallas–Fort Worth duplex leased below market, and why a rent gap is only worth what the path to closing it is worth.
Duplex Acquisition: Vacant Value-Add Property, Jacksonville
A analysis of a fully vacant Jacksonville duplex requiring work on both sides, and how rehabilitation and lease-up risk are priced into basis.
Duplex Acquisition: Mixed-Occupancy Two-Unit Asset, Phoenix
An acquisition profile examining a Phoenix duplex with one occupied and one vacant unit, and how two occupancy states inside one building create two distinct economic profiles.
Duplex Acquisition: Thirty-Year Family Ownership, Cleveland
A analysis of a long-held Cleveland two-family property, where ownership-history diligence carries as much weight as physical underwriting.
Duplex Acquisition: Deferred-Maintenance Basis Reset, Columbus
A modelled physical-condition underwriting review of a Columbus duplex, and how deferred maintenance changes the price an asset can support rather than merely the repair budget.
Duplex Acquisition: Infill Basis in Austin's Urban Core
A analysis of an Austin infill duplex holding both current-income value and embedded land optionality, and why the buyer should not pay today for an unproven future scenario.
When a Duplex Fails Underwriting: High Yield, Wrong Basis
A disciplined acquisition-rejection analysis of a duplex presenting an attractive headline yield, and the diligence findings that made the basis unsupportable.
New-Construction Duplex Acquisition: Growth-Corridor Delivery, Charlotte
An acquisition profile examining a newly completed Charlotte duplex, and why reduced physical risk does not eliminate rent, basis, lease-up, or operating risk.
Two-Duplex Acquisition: Four Rental Units, Cincinnati
A analysis of two Cincinnati duplexes acquired in one coordinated transaction, and why a four-unit package is still underwritten property by property.
Questions
Duplex acquisition questions
Does AceStone buy duplexes with tenants in place?
Yes. Occupied, partially occupied, and fully vacant two-unit buildings are all reviewed on the same basis. Existing leases are taken subject-to, so an owner never has to deliver the building empty.
Is a duplex with deferred maintenance still purchasable?
It is. Roof, systems, and unit-turn costs are modeled into the number rather than requested as repairs or credits, and open code orders are cured after closing at buyer expense.
What happens with an inherited or co-owned duplex?
Estate, heirship, and multi-owner files are routine on this desk. Title work runs in parallel with underwriting, and the closing is scheduled around probate or co-owner sign-off rather than ahead of it.
How long does a duplex acquisition take to close?
Ten to twenty-one days is typical on cash, with no appraisal or lender condition. The seller can also select a later date where tenancy or relocation timing requires it.
How do duplex case studies differ from the multifamily desk?
Duplex cases cover two-unit buildings where pricing turns on combined in-place rent, configuration, and turn cost. Assets above four units are underwritten and documented by the multifamily desk.
Where this desk is active
Relevant markets
Markets most closely matched to the duplex files above, with the underwriting posture currently applied to each.
Charlotte, NC
Charlotte two-unit files price on combined in-place rent and turn cost, with infill locations underwritten more aggressively than outlying stock.
2 documented cases: Duplex Acquisition: Side-by-Side Two-Unit, Charlotte Metro · New-Construction Duplex Acquisition: Growth-Corridor Delivery, Charlotte
Columbus, OH
Columbus duplex terms account for post-transfer tax reassessment and the cost of curing open code orders on older stock.
2 documented cases: Duplex Acquisition: Inherited Two-Unit Building, Columbus · Duplex Acquisition: Deferred-Maintenance Basis Reset, Columbus
Phoenix, AZ
Phoenix two-unit pricing turns on mechanical age and unit separation; cooling replacement is the single largest capital line.
1 documented case: Duplex Acquisition: Mixed-Occupancy Two-Unit Asset, Phoenix
Atlanta, GA
Atlanta duplex underwriting weighs lot position and zoning as heavily as rent — several intown parcels price better on land utility than on income.
Houston, TX
In Houston, insurance cost and flood zone determine two-unit terms more than rent level; both are priced before an offer is issued.
Providence, RI
Providence two- and three-unit files are underwritten around lead certification, heating separation, and tenancy status.
Duplex desks by market
Local acquisition parameters, submarket coverage, and direct terms for owners in each active market.