Would you do it or not??
Hello-
I just wanted to get an opinions from you guys about the deal I am working on right now. For a while I had been looking for a duplex where I could live in one side and rent the other. I finally found a decent propety in an area I like. The offer has been accepted for 100k, I was thinking to fianance the deal going conventional, but it seems with the issues the property has I would need a 203k loan.
There a various issues with the house, but the big ticket item is the foundation. It seems I would need about 13k to fix that. In addtion, I am budgeting another 15k to complete the rehab on the inside and outside of the house. Looking at the numbers, I believe I would be able to rent one of the units for 700 a month while I live on the other side. I do plan to live in the house for right now, and when I move out I would rent the other unit for another 700. The resale value of the property after the rehab I am estimating to be around 150k.
My question for you guys is, would you guys go ahead with this deal. I am still in the option period so I can still say "No".
Please let me know you thoughts and thanks in advance for your responses!!