First duplex in the works, would you do this?

Question

Good evening BP!

I've been looking for a duplex to house hack, and by George I think I found it*. It's going for 95k which I'm already preapproved for, and already has a tenant paying 800 a month.

The mortgage payments will be 490, while my current rent is 1,300 (downtown Frederick).

It seems like a lucrative opportunity,  but what would you guys do?

Cheers!

*its in Hagerstown MD

Cristhian Huamani · Answer

The average price for a duplex in downtown Hagerstown is between $95,000 and $145,000 depending on location, composition, and condition.

The numbers to house hack with a duplex are great. Particularly if they are separately metered. Make sure you do your due diligence prior to settlement. Review leases, lead certificates, request profit, & loss or schedule E, ask if the tenants are currently behind and call the city to make sure there are no outstanding rental inspection requirements.

I am a real estate agent and investor in Hagerstown. I own a few properties throughout town. If you have any particular questions, feel free to reach out.

Tim Miller · Answer

@Steven Haughey Hey, sounds good.....but. $95k for a duplex in Hagerstown sounds like it's not in the best part of town.

PM me with the street and block. I can let you know what the area is like.