Looking for advice and feedback on first property purchase!
Hi everyone! I recently made my first post on BP forums to introduce myself and have been working with a real estate agent I met through BP to look for my first deal. The deal i'm currently looking for is to purchase a multi-family through an FHA loan and rent out all the units but one, which I would live in.
It appears that where I'm located and the market I'm searching in does not have great multi-family deals or great properties. We found one that has just been completely renovated (absolutely everything) and is extremely nice. However, I feel the price is too high for the area it's in and it's surrounding properties. The property is a duplex with 2BR/2B units (one upstairs, one downstairs) and the top unit is renting at $1,500. I would be moving in with a roommate in the bottom unit and would be charging my roommate about $800. I have attached a picture of the analysis my REA ran for me for further details on the purchase price, downpayment, expenses, etc..... I keep going over it but for some reason it seems like it's not a good deal to go into, but since this is my first time and am fairly new to this, I am not sure and wanted to ask people on the forum's what they thought.
I thank anyone in advance who could take the time to provide me with their opinion, suggestions, feedback.