First property
Hi all. I already asked a question on the different part of the forum and no response so let me try here.
I'm looking at the property which is listed @ 316k.
It is fourplex with 2 bedrooms/1bath in each unit. No garage or a driveway but is dead end street so parking shouldn't be the problem. Bike trail next to house and no back neighbours (there is a business building behind). It is in very good area of the city B+ for sure.
Each unit is rented for 625 plus electricity. Owner pays water. No forced air. All electrical heating and cooling. (not a big fan of that). Each unit has laundry on site. All the appliances are staying with some spare ones in the basement.
Property tax is 4440/year
insurance 1150/yr
water 2300/yr ( this is the info that we got from agent selling the house. I wanna see actual bills before doing anything.)
We are thinking to offer 250k and 275 should do it. Now we are putting 5% down with 3% interest and 25yr mortgage.
So with 1% rule I should buy a house for 250k or i have to raise my rent.
Also it hard to compare rent because there is no fourplexes or apartments in the area that are renting. There are SF homes but I can't compare those prices.