Is this a good deal
Hi Everyone,
I'm just about to put an offer on my first home/ investment property. Its a 2 family duplex.
I have done all the numbers and it seems like an ok deal but i am skeptical because i found the property on the MLS and it has been listed for 180 days.
Here are the details in a nutshell.
Price $375,000.
Loan amount $300,000. P&I $1475/ mth. TAX $750/ mth. INS $125/ mth = $2150
Rental Income is $4500 (will includes me as a tenant paying market value rent of $2000). -50% Expenses = $2250.
Cash flow = $100.
I dont have any experience with inspecting homes but I have seen the house both inside and out and everything looks good to my naked eye. If i place a contingency in the contract regarding a home inspection and request a disclosure statement from the selling agent i think i should be ok.
Does that sound like a good first deal? Thank you.