@Matt Kistner It should raise a red flag when it’s $39K :) But, seriously, odds are it will be incredibly difficult to get a mortgage on a $39K property. Most banks have mortgage minimums so it basically reduced the buyer-pool to cash-buyer-investors. Have you talked to a bank about giving you a loan on a $39K property? If you haven’t...make a few calls...
If you’ve found a duplex for 39k I’d say your rehab would be fairly substantial. I would set up for a contractor to do a scope of work with you or at least have an inspector walk the property. Usually a bank won’t lend on that low of a purchase unless you can do a commercial loan or line of credit. If you have to buy with cash I’d make sure you have the funding for a rehab as well. I feel I live in a moderate area and to find a true duplex like you stated vs a converted the asking prices are usually 150k-200k which would bring in 1000-1200/ month rents per side. Hopefully this helps and best of luck.
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