Rents are low compared to asking purchase price - what do you do?
Hey BP! I am a first time investor still looking to get my first MFH & I need your professional advice!
Example is I am looking into a duplex (3/1 & 2/1) asking price $350K & total monthly rent is $2500 combined. It is in a desirable/safe area with plenty to do nearby.
What do you do in your experience when seller is asking high price compared to their current rents? The #s do not make sense at this asking price. However, when I go on rentometer, 2 BR are showing $1594. How do you go about this property in terms of offer? Do you give your offer based on current rents or potential?