Help with potential first purchase
My wife and I are both young (25-29.) We have been thinking of investing into rental property for a few years now and we both feel it is time to pull the trigger.
Our goal is to be purchase and hold investors. We love the thought of the passive income that comes with rental property.
Anyways, I found what I think is a good deal and wanted some advice.
Found a triplex, 2 of the units are 2 bedroom and the other is a 1 bedroom. Currently all 3 are rented out generating $1100/month. One of the tenants has been there for 13 years one of the other tenants is her grand daughter. The asking price is $42,000 (but the guy told me he had a little wiggle room with that.)
2 of the units have been recently renovated with new cabinets, linoliem, etc. The other unit was last updated in 2001.
I would give the location a B or B-. I live in a rural area and although this property is in town, its not like its in the middle of the city park or something.
I was considering using the 20% rule and putting down roughly $8-10k and financing the rest of it on a 30 year mortgage.
Any thoughts/advice on this? Any other info I need to provide in order to get some advice?