Hey! I'm looking into buying a duplex so that my husband (who works in different city than me) can house hack it, but I'm not sure if the numbers work or not longterm. Its 3 bedroom, 2 bath duplex (sq ft 1416) in an upcoming area. Fully renovated already (upwards of 90k) so its turnkey. Asking price is $190,000. Unit 1 rent is $850 (2 bedroom, 1 bath) and Unit 2 is $750 (1 bedroom, 1 bath). There is some room to go up in the rents. Taxes is $2039 and insurance is 2498.00. The seller is motivated to move as he is another investor looking to buy a bigger property.
Right now I feel like the margins are a little close, but that could be just because I'm a new investor and I'm nervous about jumping into a bad deal. My husband and I do qualify for a FHA loan as an FYI.
What do you guys think of this deal? Thank you in advance!
What is the asking price? What are your broader goals in real estate?
The asking price is $190,000. We want to create generational wealth and start to build a portfolio that will bring in enough income to buy larger properties.