Occupied duplex or home needing large rehab
If you had two choices:
1) a duplex with one side rented for $650 and other side is ready for occupancy at $650 (ok area, light touch ups but mostly just a little elbow grease needed) and mortgage would be $425 a mo with a down payment of $18k.
2) a single family 100 yr old home in a slightly more desirable area than duplex, nice sized lot, would pay $20k cash and needs around $35k in work for a major renovation. Potential to rent for around $800 a mo and ARV around $80k.
Which option would you pick and why?