Lease option on a duplex
Hello BP members,
We are looking for some advice on doing a lease option on a duplex. The seller is motivated (burned out landlord), just not sure yet how motivated. The asking price on the property is $54,000 (just reduced $5000), and both units are currently occupied with rents of $470 & 500 with good tenants. We are looking at putting 3 k down on a 3 year lease. How do we determine what to offer as a monthly lease payment? We would like to get it down as close to PITI as possible but what is acceptable or typical with an income property? I understand with single family homes the payment would be close to market rent or a bit more but is that the case with duplexes?