Updated almost 6 years ago on . Most recent reply
Duplex in appreciating area?
Hey all,
I've found a beautifully rehabbed 1920's duplex. Inspections came back (for a previous buyer) with zero repair notes. This thing is ready to go. The issue being is it's a little above my normal price range and a little outside my normal investing area. So I was thinking of using FHA to live in one side for a year for a low downpayment and then move out and rent the other side. (If you have some better methodology for low money into this specific deal let me know.)
Other part the area is appreciating. The houses next door are beat up c class. This thing is A class rehabbed. Across the street is two brand new a class homes. Then followed by distressed house then brand new renovation then distressed house. You get the drift. The area essentially is seeing a lot of remodels (in a historical district right by downtown.) and brand new buildings from how it used to be not so great.
The cash flow on this duplex wouldn’t be super high but I’m feeling highly positive that having it the rental rates and the over all value would appreciate. As it seems this is definitely the area to buy in.
So here’s my ultimate question.
How much do you take the area and appreciation into context with the purchase? My local area you never ever use appreciation but I feel like this is different as this area this is in has so much drastic change happening?