I have an opportunity to buy a duplex near kalamazoo, mi. I was wondering what a realistic offer could be? The tenants are excellent and both long term over 7yrs+ with monthly income of $1850 from both sides. The property does have a few minor issues but nothing terrible. The owner lives a few hours away, he is elderly and sounds wanting out of real estate. Its been on the market over 360 days with no offers. Its dropped from $205,000 to $188,000. It has no offers as of yet.
Does anyone have a recommend offer to throw out? I was thinking myself around $172,000 to give myself room to work. What do you think?
What part of Kalamazoo? Do you know the numbers for owner-paid expenses (utilities, lawn/snow, etc)?
Its just outside of kalamazoo limits, I just thought it would be easier to use kalamazoo as a heading since its actually known. I will be using my contracted lawn and snow, utilities are tenant paid.
The facts that I listed is $172k low or high? I always heard your offer isn't low enough until its offends the seller. Lol Idk if thats true
what are the expenses ?
Are you using a property manager?
From first glance I would say not a great deal. Barely 1% in an area not know for appreciation. I see your from Illinois? Why Kalamazoo ? Not that there's anything wrong with Kzoo, just wondering ?
I am moving back to the area. With all expenses per month would run about $1050. I will be self managing as well
what are the numbers ?
$1050 seems low on a $172,000 property.
Seems like that would barely cover the payment,taxes,insurance.
Not prying just trying help :-)
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!