Madison WI duplex
Hello fellow investors. Im looking for a shove in the right direction. I'm fairly green and need help with the numbers.
I found a duplex that the seller is willing to sell on land contract. The purchase price would be 250k. If I put 20k down he will finance for 3 years at 5%.
Gross rent is at 2390 per month. I found expenses per year to be heat-3000(paid by owner), snow removal-1050, water/sewer-1150, insurance-800, taxes-5600
After I take away debt and other expenses Im left with a positive cash flow of $174 monthly.
The property is in a good area about a mile from the capital and only two doors down from me. Newer roof and siding. Interior is on par or better than other rentals downtown. Vacancy rate is very low.
Any help or advice is appreciated.