Updated almost 7 years ago on . Most recent reply
Cold feet days before closing! Should I just do it?!!
I'm just days away from closing my first deal. It's a 2/1x1/1 duplex. Purchasing for 60k and highest estimate for rehab is 14k but I'm anticipating 20k to be safe. ARV should be in the low 100k range. It will rent for $1000-$1250. It just got a new roof this week. Paid for by the sellers insurance for hale damage. There is a 1/4 acre buildable lot next door that is included. Here is my worry. I researched and It's zoned for a single family 3/2. Do I worry that this a duplex in a single family zone? It's performing at $650/$500 at this time and the seller bought it as a duplex years ago. Does anyone have an issue this.
Most Popular Reply
@Shawn O'Brien
Yes you should worry if there are questions about the zoning and current use of a property. Ask for an settlement extension, Check with the local zoning board and make sure it is permitted for its current use. If not either ask for seller to bring it into compliance with current use, or refigure your numbers based on a SF 3/2.