should I buy this duplex?
I found a duplex listed for $31thought Each side of the duplex has 3 bedrooms and one and a half bathrooms. From the pictures on the listing the property seems to be well kept although the kitchen could be updated. I drove by the property and the exterior of the building and the rest of the property seems to be well maintained. Rent comps in the area give me a low rent per month estimated at $1200 and on the high and $1400( that's for one side only), maybe more but I'm pretty conservative.
One positive is that the property is close by my home and I intend to manage the property on my own.
I have about $50,000 that I can put towards a down payment. I realize that does not give me 20% down. If I were to offer on this property, I would not offer full price, and im not sure what I would've offered considering I have not seen the property. But let's assume I get it for 290,000 dollars. 20% down would leave me with a 232k mortgage and PITI of about $1430. Assuming I obtain a rent between my low and high estimations($1300 on each side), I would profit just shy of 1200 dollars per month before expenses. assuming the 50 percent rule with regard to those expenses my estimate for profit per month would only be several hundred dollars per month.
Any insight or critique, is very much appreciated. this property is located in the Denver Metro area.
Thank you BP community in advance for your thoughts.
P.S. Please excuse the typos. I dictated this post on my phone!