Should I make an offer on half a duplex?
It's an approved short sale for 58K, vacant (formerly tenants there), so possibly short sale process might move faster. I don't know if I can realistically offer lower than 58K--I need to talk more to my realtor. It should rent from between $850-$950/mo. ARV should be around 100K.
It needs tree trimming, carpet removal and re-flooring, serious cosmetics, and removal of heavy dog odor. There don't appear to be an serious issues with the house though. Roof looks good.
All the houses on this street are duplexes. It looks like others have split ownership as well. Some have half of the roof in one color shingle, the other half in another color. So the owners deal with their half of roof independently. No HOA.
Everything about this looks good except for the half duplex factor. I'm not that familiar with the pitfalls of half-duplex ownership.
As I go to these properties, I'm finding that everyone has some serious drawback. One's in a high risk flood zone, another has flat roof, another is good but has multiple ppl interested, bidding the price too high etc.
I'm wondering if I should just take a chance on the half duplex? I don't know if the perfect property is going to come along, ever.