How to run numbers on Duplex or SFH - BRRRR - Charlotte NC
Hello BP community,
My current situation is, I own a condo in a popular area in South Charlotte NC, my mortgage is $900/month, HoA $200, and rents for similar condo's are going for $1300-$1400. We have no debt and about $10k saved up. My fiancé and I are looking to buy a SFH or preferable a duplex in or around the south charlotte area and rent our condo out. Looking to BRRRR our new place so I want to buy a livable fixer-upper, stay for a yearish, then continue. My question is, what tools should I use to run numbers on a house, or duplex? Since I will eventually want to rent our future house out, how do I know where a good area is to buy that will be good to rent? Duplex's are around from $500k-ish in Charlotte areas we would like to live. Can you still find a deal? How do you find or know a deal is worth it? Do you think it will be worth it in long run to buy a duplex for say $500k if mortgage is $2,500/month, and rent is $1,500/side (so after one year when I move out and rent other side it would be cash flow positive).
Also, can you get a mortgage on a duplex for around 5% down if you plan on living in one side of it? If so where?
Anyone use a wholesaler on their first deal?
Any input or tips are appreciated.