Advice on possible 1st deal
I came across a possibilty I saw and am currenlty waiting on some info from my real estate agent. Just looking to run this one by you guys.
Legal 2 family with Fire damage upstairs and "extensive" water damage. (According to the listing agent, it's not bad but I haven't see it yet).
Waiting on property taxes but it's around $6,000 - $7,000 per year.
The house has a Life Estate tenant where the woman lives in the bottom apartment until she passes away Rent Free. She is 86. Lots of Section 8 in the area.
They are only accepting cash offers becuase the house is not mortgagable in it's present condition. Tenant is living in Florida until repairs are done in her apartment by the new owner.
There is one offer for $135,000. My agent sold a 2 family on the same street for $292,000 four weeks ago. I can't estimate the repair costs site unseen.
1st floor - 1 Bedroom - 1 bath (Life Estate Tenant)
2nd floor - 2 Bedroom - 1 bath (Will be able to rent this one)
Rents in this town for a 2 BR go for about $1300 - $1400. I'm waiting on more details but just wanted to get some thoughts for now.
Thanks all!