Is this a good deal for a firts time owner occupied duplex?

Question

I'm looking at buying my first owner occupied duplex/rental property.

Comps = Median Price $149,000.00

Duplex 1bld. 2units. 2bd / 2bth 13yrs. old

Living area 1,800sqft

List Price: $214,000

Annual Gross Income: 20,400

Annual Expense 4,366

Annual Net Inc: 17,174.93

Taxes: $2,362.00

I don't know what the insurance is

Tenants pay for electric, water, sewer and trash.

Currently Rent = $800.00 / $900.00

If I purchase I would live in one unit and receive $900.00/mon. rent

I would self manage the property

Any help would be greatly appreciated

Thank you

Ty Ramjohn

Amanda G. · Answer

Hi Ty,

I'm not sure what you are including in your "Annual Expense" category- repairs and cap ex? Also, what are you expecting for your loan expense? (assuming you aren't paying cash)

If comps are 149K and this one is listed at $214k, why is it so much more? That is a huge gap.

Is this a good deal for a firts time owner occupied duplex?

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