--- title: "Deal Receipts: Real Numbers From My Portfolio | Addicted to ROI" description: "Actual numbers from real deals: a duplex netting $9,949 a year on $15k in, two houses that produced $646,000, a 4% rookie year, and the deals I walked away from." lang: en json-ld: | [ { "@context": "https://schema.org", "@type": "Organization", "@id": "https://addictedtoroi.com/#organization", "name": "Addicted to ROI", "url": "https://addictedtoroi.com", "logo": { "@type": "ImageObject", "url": "https://addictedtoroi.com/images/logo.png" }, "description": "Live your best life funded by your investments. Real estate, taxes, travel, and business, by Jennifer Beadles.", "founder": { "@id": "https://addictedtoroi.com/#jennifer" }, "sameAs": [ "https://agentsinvest.com", "https://doorprofit.com", "https://repstime.com", "https://strhours.com", "https://kidspayroll.com", "https://rentstager.com" ] }, { "@context": "https://schema.org", "@type": "WebSite", "@id": "https://addictedtoroi.com/#website", "url": "https://addictedtoroi.com", "name": "Addicted to ROI", "publisher": { "@id": "https://addictedtoroi.com/#organization" }, "potentialAction": { "@type": "SearchAction", "target": { "@type": "EntryPoint", "urlTemplate": "https://addictedtoroi.com/blog/?q={search_term_string}" }, "query-input": "required name=search_term_string" } }, { "@context": "https://schema.org", "@type": "Person", "@id": "https://addictedtoroi.com/#jennifer", "name": "Jennifer Beadles", "url": "https://addictedtoroi.com/about/", "jobTitle": "Founder, Addicted to ROI", "description": "Real estate investor and founder of Addicted to ROI. Built an 8-figure rental portfolio across multiple states and teaches everyday investors how to build passive income.", "worksFor": { "@id": "https://addictedtoroi.com/#organization" }, "sameAs": [ "https://agentsinvest.com", "https://doorprofit.com", "https://repstime.com", "https://strhours.com", "https://kidspayroll.com", "https://rentstager.com" ] }, { "@context": "https://schema.org", "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://addictedtoroi.com/blog/deal-receipts-real-numbers-from-my-portfolio/" }, "headline": "Deal Receipts: Real Numbers Behind My Wins, Losses, and the Ones I Walked Away From", "description": "Actual numbers from real deals: a duplex netting $9,949 a year on $15k in, two houses that produced $646,000, a 4% rookie year, and the deals I walked away from.", "image": "https://images.unsplash.com/photo-1554224155-8d04cb21cd6c?w=800&q=80", "datePublished": "2026-06-10", "dateModified": "2026-06-10", "author": { "@id": "https://addictedtoroi.com/#jennifer" }, "publisher": { "@id": "https://addictedtoroi.com/#organization" }, "speakable": { "@type": "SpeakableSpecification", "cssSelector": [ ".tldr-answer", "h1" ] } }, { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://addictedtoroi.com" }, { "@type": "ListItem", "position": 2, "name": "Blog", "item": "https://addictedtoroi.com/blog" }, { "@type": "ListItem", "position": 3, "name": "Deal Analysis", "item": "https://addictedtoroi.com/blog?category=deal-analysis" }, { "@type": "ListItem", "position": 4, "name": "Deal Receipts: Real Numbers Behind My Wins, Losses, and the Ones I Walked Away From", "item": "https://addictedtoroi.com/blog/deal-receipts-real-numbers-from-my-portfolio/" } ] }, { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "What kind of returns do real rental properties actually produce?", "acceptedAnswer": { "@type": "Answer", "text": "It varies enormously by deal and management. One of my duplexes, bought for $196,000 with about $15,200 of my own cash, nets $9,949 a year after all expenses in a year I self-managed it. But my first out-of-state duplex returned only 4% in year one, despite projecting 15-20%, almost entirely because I hired a bad property manager who left units vacant for months. Same quality of asset, very different result, because operations matter as much as the purchase." } }, { "@type": "Question", "name": "How do you use one property's equity to buy more?", "acceptedAnswer": { "@type": "Answer", "text": "Two houses I bought in Arlington for $120,000 with $30,000 in renovations appraised at $230,000, so I refinanced and pulled 100% of my cash back out. The next year I took a $55,000 HELOC against them to buy a triplex. Later they appraised at $600,000 and I cash-out refinanced $231,000 to buy 23 units in Tennessee, all while keeping the loan-to-value under 60%. Between the HELOC, cash flow, and cash-out, that one purchase produced about $646,000 of usable capital." } }, { "@type": "Question", "name": "When should you walk away from a real estate deal?", "acceptedAnswer": { "@type": "Answer", "text": "When the numbers only work if everything goes perfectly, when the property demands far more of your time than its return justifies, or when you find yourself losing sleep and re-running the budget weekly to force it. I once spent three months and $4,000 on survey costs trying to make a development pencil before I walked. The rule I learned: if a deal is truly good, you shouldn't have to work that hard to make the numbers work." } }, { "@type": "Question", "name": "Why does property management make or break a deal?", "acceptedAnswer": { "@type": "Answer", "text": "Because you can buy the best property available and still lose money if it's mismanaged. My first out-of-state duplex returned 4% instead of the projected 15-20% because a bad property manager left units vacant for months, ran up unauthorized repair bills, and used an unlicensed handyman on the HVAC. After I switched managers, the new one filled a unit that had sat empty for three months in ten days. Always check reviews and get investor referrals before hiring a manager." } }, { "@type": "Question", "name": "Are small rental properties worth it, or do you need big deals?", "acceptedAnswer": { "@type": "Answer", "text": "Small deals are absolutely worth it, especially starting out. The money is made by buying the right deal regardless of size, in markets with long-term appreciation and cash flow. My duplexes and two-house lots have produced six-figure equity each. You don't need to buy 100 units on day one; you need to buy well, hold long, and let the equity and cash flow compound." } } ] } ] --- [![Addicted to ROI](/images/logo.png)](/) [Travel](/pillars/travel/)[Real Estate](/pillars/real-estate/)[Tax Savings](/pillars/tax-savings/)[Business](/pillars/business/)[Paths](/paths/)[Blog](/blog/)[Tools](/tools/)[Apps](/software/)[About](/about/) [Login](https://members.addictedtoroi.com/) Subscribe [Travel](/pillars/travel/)[Real Estate](/pillars/real-estate/)[Tax Savings](/pillars/tax-savings/)[Business](/pillars/business/)[Paths](/paths/)[Blog](/blog/)[Tools](/tools/)[Apps](/software/)[About](/about/)[Login](https://members.addictedtoroi.com/) Contents 1. [01 The $9,949-a-year duplex (bought for $15,200 of my own money) ](#the-9949-a-year-duplex-bought-for-15200-of-my-own-money) 2. [02 The two houses that produced $646,000 ](#the-two-houses-that-produced-646000) 3. [03 The 4% rookie year (a management lesson) ](#the-4-rookie-year-a-management-lesson) 4. [04 The ones I wish I'd done ](#the-ones-i-wish-id-done) 5. [05 The ones I'm so glad I didn't do ](#the-ones-im-so-glad-i-didnt-do) 6. [06 The throughline ](#the-throughline) [Home](/)/ [Blog](/blog/)/ [Real Estate](/pillars/real-estate/) Deal Analysis # Deal Receipts: Real Numbers Behind My Wins, Losses, and the Ones I Walked Away From Most investing content is theory. This is the opposite: actual numbers from my own deals, including the duplex that nets $9,949 a year, the two houses that produced $646,000, and the disasters I'm grateful I dodged. June 10, 2026 13 min read Contents 1. [01\. The $9,949-a-year duplex (bought for $15,200 of my own money)](#the-9949-a-year-duplex-bought-for-15200-of-my-own-money) 2. [02\. The two houses that produced $646,000](#the-two-houses-that-produced-646000) 3. [03\. The 4% rookie year (a management lesson)](#the-4-rookie-year-a-management-lesson) 4. [04\. The ones I wish I'd done](#the-ones-i-wish-id-done) 5. [05\. The ones I'm so glad I didn't do](#the-ones-im-so-glad-i-didnt-do) 6. [06\. The throughline](#the-throughline) tl;dr Theory is cheap; receipts aren't. A 1978 duplex I bought for $196k with $15,200 of my own money nets $9,949 a year and I've held it 15+ years. Two houses in Arlington bought for $120k produced $646,000 through a refinance, a HELOC, cash flow, and a cash-out that funded 23 more units. My first out-of-state duplex returned just 4% in year one, entirely because I hired a bad property manager. And the best deals are sometimes the ones you don't do: I've walked from a gang-occupied hotel, a sewer-nightmare development, and Detroit houses that got copper-stripped within 24 hours of going vacant. The throughline: buy right, hold long, manage well, and protect your return on time, not just your return on money. Most investing content is theory. This is the opposite. These are actual numbers from my own deals, the wins, the lessons, and the disasters I'm grateful I dodged. Because real stories teach more than any framework, and the receipts don't lie. ## The $9,949-a-year duplex (bought for $15,200 of my own money) This is my favorite style of property: a 1978 single-story duplex in Arlington, Washington, two-bed one-bath units separated by garages. Not A-class, but the returns are tough to beat. I bought it with an FHA loan (3% down at the time) and closed in December 2009. The numbers: - Purchase price: $196,000 - Renovation: $14,000 - Down payment plus closing: $1,200 (I'd just gotten my real estate license, so I took a $4,900 commission on the purchase and had the seller cover closing costs) - **Total of my own money in: $15,200** By its eighth year, that property's annual breakdown looked like this: $25,485 in rental income, against $1,200 utilities, $249 maintenance, $0 management (we self-manage), and $14,136 in mortgage (PITI). **Net cash flow: $9,949 a year.** One tenant had been in place since 2011, another since 2014, and a modest $100-per-unit rent increase that year produced zero move-outs. I still own it, and it's been compounding the whole time. That's the whole case for buy-and-hold in one property: $15,200 in, nearly $10,000 a year out, for a decade and counting, on an asset that's also doubled in value. ## The two houses that produced $646,000 Here's how a single small purchase can fund an entire growth phase. Back in 2012, in the depths of the recession, I bought two single-family houses on one lot in Arlington: - Purchase: $120,000 - Renovation: $30,000 - After-repair value: $230,000 I refinanced and pulled 100% of my invested cash back out. The next year, I took a $55,000 HELOC against the property to buy a triplex. Years later, the two houses appraised at $600,000, and I did a cash-out refinance for $231,000 to buy 23 units in Tennessee, keeping the combined loan-to-value under 60%. Add it up: $55,000 HELOC, plus roughly $90,000 in cash flow over the hold, plus the $231,000 cash-out, plus about $270,000 in remaining equity. That's $646,000 of usable value from one $120,000 purchase. I still run this exact play today in different markets. The financing mechanics are in [how to finance a rental portfolio with other people's money](/blog/how-to-finance-a-rental-portfolio-other-peoples-money/), and the recycle engine in [the BRRRR strategy](/blog/the-brrrr-strategy-recycle-your-cash/). The lesson: money is made by buying the right deal, regardless of size. Buy where you'll get long-term appreciation and cash flow, and the longer you hold, the better it gets. It's also why I lean toward small multifamily, since [2-to-4-unit properties are the sweet spot](/blog/why-2-to-4-unit-properties-are-the-sweet-spot/) for stacking income streams under one roof. ## The 4% rookie year (a management lesson) Not every receipt is a victory. My very first [out-of-state purchase](/blog/out-of-state-real-estate-investing-complete-guide/), a duplex outside Indianapolis, is the deal I'm most grateful for, because it taught me the most. The numbers going in were solid: $155,000 purchase, $19,610 renovation, $60,788 all-in. I projected a 15-20% return. Year one came in at **4%**, with just $2,430 of net cash flow on $19,531 of rental income. What went wrong wasn't the property. It was the property manager. I hired a large franchise company without reading their reviews or getting investor referrals, assuming all locations of a company I'd used locally would be good. They left one unit vacant for three months and another for two (over $5,000 in lost rent), ran up a $1,420 AC bill using an unlicensed handyman without my approval, and generally mismanaged the place. The moment I fired them and hired a referral-based manager, he filled a three-month vacancy in ten days. Despite the rough start, the property was worth about $225,000 at an 8% cap by year's end, giving me roughly $84,000 in equity, and I held it. But the lesson stuck: **you can buy the best property available and still lose money if the management team is bad.** Always check reviews and get referrals, for managers, agents, lenders, everyone. The full screening process is in [the due diligence playbook](/blog/real-estate-due-diligence-playbook/). ## The ones I wish I'd done Honesty cuts both ways, so here are the regrets: - **The hard money lender's debt fund.** Back in 2010, my go-to hard money lender (a one-man operation at the time) later built a $100M+ lending business. He offered me a spot in his debt fund. I read the private placement memorandum, didn't understand it, got uncomfortable investing with people I didn't know, and passed on putting in $50,000. The fund got fully subscribed and paid investors 30%+ that year. I now think syndications are a great way to invest passively. Expensive lesson in not letting discomfort override good math. - **The house with a billboard.** In 2012 I had a fire-damaged Everett house with high-density zoning and a giant billboard in the side yard under contract for about $30,000. The previous owner had sold the billboard rights, with five years left, and advertisers pay thousands per side per month. All I had to do was sign and wait. I was out of town, figured it wasn't urgent, and another investor bought it. He flipped it two years later for $147,750, nearly 5x. - **Flipping instead of holding.** I bought a 2000-built house at a foreclosure auction for $120,001, put $7,000 in, and sold it for $180,000. It's worth about $300,000 today. I should have BRRRR'd it and kept it for zero out of pocket plus cash flow. I regret selling nearly every property I flipped between 2010 and 2015. ## The ones I'm so glad I didn't do And the deals where walking away was the win: - **The middle-of-nowhere hotel.** A converted hotel plus triplex with numbers so compelling I thought I couldn't lose. My longtime banker offered the loan but quietly advised me, personally, to think hard about it. Turned out gangs had taken over the boarded-up hotel, and a neighbor had disconnected the septic and was demanding payment to reconnect. I saw dollar signs; everyone else saw headaches. I passed. Years later, by chance, I met the man who did buy it, and he said it only attracted problems and he couldn't wait to be rid of it. The lesson: I now always weigh return on _time_ invested, not just return on money. - **The development that wouldn't pencil.** I spent three months and $4,000 in survey costs on a 12-unit new-construction syndication. The sewer stubs were too high, the city demanded a cul-de-sac that forced it down to 8 units, and the sewer district hinted I might have to replace the entire main. I was re-running the budget weekly and losing sleep. Finally I realized I was trying way too hard. If a deal is truly that good, you shouldn't have to force the numbers. I walked, and slept fine that night. - **Detroit.** My friend Deena and I looked at $15,000-$25,000 houses renting for $650-$900. The property manager casually explained that vacant units get their copper stripped and furnace stolen within 24 hours unless boarded up, and that the city does annual inspections. Then a tenant mentioned the frequent drive-by shootings. We walked, and walked away from Detroit entirely. Those are exactly the block-level red flags I now surface up front by running every property through [DoorProfit](https://doorprofit.com) before I get attached to it. ## The throughline Look at the pattern across all of it. The wins came from buying right, holding long, managing well, and recycling equity. The losses came from selling too soon, hesitating on a sure thing, or trusting the wrong manager. And the best non-deals came from protecting my time and my sleep, not just my spreadsheet. That's the whole game, and you can't learn it from theory. You learn it from receipts, mine or your own. So as you look at your next deal, run the same disciplined math I use in [how to underwrite a multifamily deal](/blog/how-to-underwrite-a-multifamily-deal/) and ask the three questions these stories keep answering: Am I buying right? Can I hold? And is the return worth what it'll cost me in time and stress? Get those three right and the numbers, eventually, take care of themselves. * * * _This article is educational and reflects my own experience. It isn't financial advice, and past results don't predict future ones. Run your own conservative numbers and consult the right professionals before acting._ Addicted to ROI is education and community, not financial or tax advice. Talk to a qualified professional before making investment or tax decisions. ![Jennifer Beadles](/images/founders.jpg) Jennifer Beadles Real estate entrepreneur with 17 years of hands-on investing experience. Built an 8-figure rental portfolio across multiple states and has helped thousands of investors build passive income through the Addicted to ROI community. The tool that goes with this ## The software that does this for you [ Deal analysis DoorProfit Type in a price and watch cash flow, cash-on-cash, cap rate and NOI move in real time, then save, compare and share underwriting across your whole pipeline. Analyze a deal ↗ ](https://doorprofit.com)[ Agent match Agents Invest Tell us the market and the strategy, and we match you with a vetted, investor-friendly agent who knows how to run a rental analysis, not just sell you a house. Match me with an agent ↗ ](https://agentsinvest.com) Before you close the tab ## Get the next one in your inbox. One email per new article, the day it goes up. No wall, no spam, unsubscribe in a click. [Subscribe, free →](/newsletter/)[Run a deal in the calculator](/tools/deal-analysis-calculator/) Read next [ ![How to Renovate a Rental You've Never Seen in Person](https://images.unsplash.com/photo-1581578731548-c64695cc6952?w=800&q=80) Investment Strategies ### How to Renovate a Rental You've Never Seen in Person 10 min read → ](/blog/renovate-out-of-state/)[ ![How to Determine Fair Market Rent in a Market You Don't Live In](https://images.unsplash.com/photo-1554469384-e58fac16e23a?w=800&q=80) Deal Analysis ### How to Determine Fair Market Rent in a Market You Don't Live In 8 min read → ](/blog/fair-market-rent/)[ ![The Questions to Ask Before You Buy in a Market You Don't Live In](https://images.unsplash.com/photo-1423666639041-f56000c27a9a?w=800&q=80) Due Diligence ### The Questions to Ask Before You Buy in a Market You Don't Live In 9 min read → ](/blog/market-call-questions/) If you like this ## Read these next Hand-picked to go deeper on real estate. [![How to Renovate a Rental You've Never Seen in Person](https://images.unsplash.com/photo-1581578731548-c64695cc6952?w=800&q=80) Real Estate ### How to Renovate a Rental You've Never Seen in Person 10 min read](/blog/renovate-out-of-state/) [![How to Determine Fair Market Rent in a Market You Don't Live In](https://images.unsplash.com/photo-1554469384-e58fac16e23a?w=800&q=80) Real Estate ### How to Determine Fair Market Rent in a Market You Don't Live In 8 min read](/blog/fair-market-rent/) [![The Questions to Ask Before You Buy in a Market You Don't Live In](https://images.unsplash.com/photo-1423666639041-f56000c27a9a?w=800&q=80) Real Estate ### The Questions to Ask Before You Buy in a Market You Don't Live In 9 min read](/blog/market-call-questions/) [![How to Invest Out of State Without Getting Burned (The One Trap)](https://images.unsplash.com/photo-1500382017468-9049fed747ef?w=800&q=80) Real Estate ### How to Invest Out of State Without Getting Burned (The One Trap) 8 min read ](/blog/invest-out-of-state/) Off to go build something. 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