Is this duplex in Scranton Pa too good to be true?
I found a duplex in Scranton PA its 1930's 6 beds/2bath per side in a decent neighborhood close to schools hospitals ect and it listed for $139,000 I can get him to around $120,000. According to my calculations for the property including mortgage, taxes, insurance, Maintance, vacancy, Capex, Prop Mgmt are around $1740 per month and one side is already rented for $1500. If I can rent the other side for $1450 that cash flow $1,209 a month or $14,514 a year. That seems to be ridiculously good. It makes sense from a COC return, it would be a 10 Cap, the 2% rule check it just seems to good to be true. Knowing that I can only get him down to abound 87% of market value but the cash flow is very high for the area. Am I a fool for not jumping on this already or is there something that I may not know considering nobody else has jumped on this property already. Thanks for the input!