Definition
A residential building with two separate dwelling units, either side-by-side or vertically stacked. Duplexes allow owner-occupancy with rental income from the other unit.
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Duplexes allow owners to live in one unit while renting the other, helping offset mortgage costs. Duplexes can be purchased with investment property financing if one unit is rented. Duplexes require management of tenant relationships and responsibility for both units' maintenance.
Pro Tip
Duplexes can be good investment properties. Verify tenant income can support the mortgage.
Example
The duplex allowed the owners to live in one unit while collecting rental income from the other, which covered much of their mortgage payment.