Duplex - what would you do?
Received a lead on a Duplex in Latonia (Covington, KY) for a 2 unit (Two 2/1 apts). Seller paid $90k in 2009 and will sell to me for $30k. It's vacant and needs about $4k - 5k in work. ARV is around 60k. Market rents for a 2 br are around 550/mo with tenant paying everything but water/sanitation. Total cash flow after expenses is $9200/yr.
Would YOU:
A. Keep it and rent out ($9200/yr cash flow)
B. Flip it and make $20k-25k
If there are any Northern Kentucky folks I'd like to hear from you as well.