Is this a good deal?
I have two opportunities coming up and wondered what you think of these:
Property 1 is a duplex is a 1/1 each side and in a town of about 13K population and they are asking around 425 with zero offers on a duplex that when fully rented would be around 3000 gross rent. Right near the cool old downtown area and good schools and A rated area. On market 120+ days. Has a brand new roof and zoned for adding 3rd unit.
Property 2 is in a larger suburb area with about 80K population and in a county of 2 million. Its a duplex 2/2 each side with gross rents of 4000 and asking is 500K. Multiple offers. B grade area and good schools.
I think property 1 will be easier to get under list price but not sure of vacancy rate since it's a smaller town. Both areas are in my backyard and would be self managed. Both need some renovation. Just purely looking at numbers property 2 comes out ahead buy a few hundred bucks a month depending on how high it gets bid up.
Any advice on this?