Help! My first pitch price for multiplex near Kalamazoo, MI

5 Replies

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 ?

Payment?

Insurance?

Taxes?

Lawn? Snow?

Repairs ?

Capex?

Vacancy?

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 :-)

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