Should I buy my rental (duplex)?
Hello all--new to the real estate thing. My landlord is selling my duplex, which I currently rent one unit in. It's walking distance to a major university, walking distance to downtown, Whole Foods, Trader Joe's etc. I've loved living here and they've done a ton of work to bring it up to snuff (including replacing most of the foundation). I've been looking for a single-family home in the $250,000 range ($1750 monthly payment including all utilities, savings for maintenance, etc), which is the max I can afford as one person. My landlord wants to sell the duplex for $380,000 ($2669 monthly payment). I estimate that If I rent the other side for $1500/mo, I can get my monthly payments to roughly the equivalent of my current rent ($1169). But do I take the risk? As a first-time buyer, what am I missing/not considering that would change my mind one way or another?
Thanks all! I'm so glad I found this place!