Updated almost 7 years ago on . Most recent reply
On market, deal or no deal?
My wife and I are newer to the leverage game and would love your feedback on this mls listing, as we’re trying to satisfy 1031 in 3 weeks.
-Duplex listed for $345K (two 3/1’s with yard .38 acre)
-Now under contract for $325K (seller attempting to make $25K in deferred maintenance repairs)
- My wife is broker
- Currently rented for $2650 (7.1% CRate)
- C+ to B- property in B to B+ location
- We will manage
- not much of a value add in near future, likey 6-8 years before any meaningful improvements
- approx 170 MF units built 3 years ago and another 170 units starting now in very close prox. (1 Br is $1250).
We are very willing to walk/pay the tax ($210K of proceeds) as it looks like they don’t want to do 100% of the repair requests. Hoping to spread proceeds across 4 units, but market timing, my area, and where we are in the process of generating off market pipeline has the pickings slim.
I have gained a tremendous baseline understanding in the 3 weeks I’ve been on BP- Thank you! Really appreciate your feedback.