Possible First Real Estate Deal in St. Louis
I'm looking for some feedback on the below numbers. This would be my first rental property, and I plan on a buy and hold strategy.
Couple of things to note:
125,000 is full asking price. I think the property is worth between 110-115 based on SFR sold comps. I don't know how to value based on the fact it is a two family.
Unit is currently leased, however, average rent in the area is around $730/unit.
Unsure of any repair costs because I haven't been through property yet.
Feel free to ask any additional questions.
I have a feeling that this deal is a no go at these numbers. At what purchase price does this deal start to make sense?
Any and all feedback would be greatly appreciated. Thanks.