BiggerPockets

OK, seems that there is a terminology issue that needs to be resolved. What I call a duplex is a property with two units, both on the same deed; this is the "smallest" kind of multi-family. What I think you are calling a duplex is actually what I would call a "twin", meaning that there are actually two separate houses, on two separate parcels, on two separate deeds; the houses and parcels share the "party" wall and property line on one side. They are almost like rowhomes, except there are only 2 of them connected rather than a larger number.

So, should you make an offer on one side of a twin? Sure, why not - I even own one myself. These can be found all over the place.

Now, if you are really referring to a duplex, then it might have been converted to condo or it might be a co-op; you'd probably be better off avoiding these.

Now, I have to admit that there are duplexes with two side-by-side buildings, with both units on the same deed (been through at least one like this myself), but when this type of property goes for sale, you buy both sides since they are on the same deed.

The legal description (found on the deed at the county courthouse) and zoning should clarify what the property in question really is.

Terminology can be confusing.

Thanks Steve. That must be what it is. Each door has a unique address # (i.e not unit 1, unit 2, etc.). I'm going to try to get some more info from the public records.

I went back and the entire subdivision is made up of these twins.

Just to make a note on the dog odor, if it's odor from yearn inside the house be careful. You might face more repairs then expected...

First: There is almost never a perfect deal. On occasion you will get lucky and find one but they often aren't. One time I almost didn't do a deal because the house backed up to railroad tracks. It ended up being my best deal ever and I netted 54k. I was soooo close to backing out.

I also call what you are mentioning a duplex. That is the correct term. I have purchased one of these(just one side) and I would do so again in a heartbeat if the numbers worked. It was one of the few houses I have ever wholesaled and netted 9.3k.

Your numbers are right at the breaking point when I evaluate deals. I don't know how much repairs is needed in your deal but anything under 100k I require at a bare minimum 40k spread. You have 42k assuming your ARV is correct. What if the true ARV is 90k? You are working a super slim deal one in which you probably won't make much profit if you intend to fix and flip it.

Urine is no doubt nasty but don't let it break a deal for you. My first purchase was a cat/dog infested house. My partner couldn't even stay inside the house. He walked out and was just like well...it's up to you to view the rest of the place. Those animals had urinated in the place everywhere. It was their personal litter box. It was a slab foundation and I ended up having to seal the concrete. We never did get the smell out completely. I experimented with every urine product on the market and nothing truly worked. If I came across one like that in the future I would buy it. The numbers just have to make sense.

Thanks for your insights Michael. But I'm planning to buy and hold, not flip, so my goal is to the bank to come down a bit more so that it comes close to the 50% rule. This is one of those short sales that's been poorly priced by the BPO, the seller/agent, or whoever does the pricing. Thus, it's been sitting on the market for months.

Just to clarify, the dictionary definition of "duplex house" seems to follow what I posted earlier:
http://www.thefreedictionary.com/duplex+house

I personally would not buy a duplex. I had a bad experience with a duplex where the other owner adjacent to the property sold their home to a problem owner. It drove my renters away and I had limited options as to what I can do. I could not buy their property because they were asking too high a price.

MJ
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