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Buying & Selling Real Estate

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Tom Chen
  • Real Estate Investor
  • Flushing, NY
77
Votes |
210
Posts

Should I pull the trigger?

Tom Chen
  • Real Estate Investor
  • Flushing, NY
Posted Mar 7 2017, 13:11
Hi Everyone, Was wondering if I could get y'alls opinions. So the purchase price of this duplex is $45k with the seller paying about $1,500 in closing costs. 1st floor rents out for $600 and is a long term tenant for about 10 years. 2nd floor should rent out around $750. If I flip to section 8, the online chart says I can get over $1,000 a floor. That said, there's about $5-6k in roofing, both bathrooms, both floor kitchen appliances that need to be replaced, electric panel needs to be converted from fuse box to circuit breakers and the upstairs furnace seems to be on its last leg. I don't think I have enough to do all the rehab at once, and the roof seems to be holding for now. Should I replace all the appliances to get the floors rented out and then do those rehabs or should I pass? Thanks in advance.

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