Help with ideas for potential deal
We own a property that is half of a duplex in our town. We bought it about four months ago for $65,500. Put about $4000 into it, with new carpet, paint and a fridge, and we now have it rented for $850/month.
The other half has been for sale since we bought our place, at $125,000. We of course would like to own both sides of the duplex but can't really justify paying that much. They just took it off the market and I contacted the owners and they owe $110,000. Trying to decide if it's worth it to own it and if anyone had any thoughts on how to structure that deal? It would probably be ready to rent with minimal to no improvements, at the same price of $850. Also wondering if we owned the whole unit if we could somehow have it combined to pay one tax bill on it and maybe get that down some.
Any words of advice would be greatly appreciated!!