I have found a property went to visit it and have a few questions, any feedback will be greatly appreciated. For the background info: I am looking to buy a duplex live in one side and rent out the other.
Asking Price: $95,000, I am looking to put 3.5% down (prequalified because I will be living in one side) Listed both sides being 3 Bed 1.5 Bath, after viewing the property 1 side has 3 bed 1.5 bath and other side has 3 bed 2 bath (So that is one of my benefits). One side is currently rented with tenant of 5 years paying $535/Mo. Mortgage, taxes, insurance = $710/ Mo. (After accounting for other expenses: utilities, appliance, extremes I am looking at a total of about $1,020/ Mo.). I know after this I have no profit, but the tenant is paying the majority of my Mortgage, taxes, and insurance.
Downfalls that I am looking to try to talk the seller into fixing before I would purchase: needs new windows, roof, and large dead oak tree in back yard that needs taken down before it falls.
I know this is not the best of deals but I am really looking for some feedback, anything is greatly appreciated. Thank You!
Also, when it does rain hard there is some water that leaks into the basement, but in both units there is a properly working floor drain and nothing is down there to get damaged.
Overall, it seems like a solid deal. If I were you I would offer $70,000 to buy as is. A lot of times if someone is selling a property they may not want to go through the hassle of trying to fix a whole bunch of things. If you can buy it cheaper and have more input on how you fix it up that would be a better deal to me