First let me start by apologizing if I leave out any critical info.
The property is a duplex, 3 br top and 3 br bottom. Tenant occupies lower unit and has been there 10+ years with perfect rental history
Top unit all redone except needs modern windows in a couple rooms. 100+ year old building.
Quals for FHA.
The house is valued at 106,000, the seller asked 125, I offered 120 (basically to hold a spot and get some advice). 6% closing costs to me.
Tenant pays 825, heat and hot water included (will be raised). and i know when I move out, I can get 1000+ for the upstairs.
I honestly don't plan to sell, so the value of the home would be just for refinance purposes, correct?
To me, the numbers add up in the long run, but I wanna know if I'm skipping something.
Taxes/Insurance? Does the downstairs unit need any renovations?
Sounds like a great deal to me.
@derek e taxes are around 4300 /yr. since I'm going fha my mortgage will be 1100 /mo
No renovations are needed, however I'd like to eventually get the downstairs as show worthy as the upper unit. Not a concern right now though.
If my numbers are right, this should cash flow about 700 /mo when we move out and rent the upper unit
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