Updated over 3 years ago on . Most recent reply
Cash flowing duplex
Good morning all.
I am looking at a interesting deal that on paper seems like a no brainer. A property manager in Dayton OH I have been working with me has brought me a duplex that one side has been rented out since 2018 fairly low rent of $750. The other side however was renovated and has been doing very well on Airbnb. The owner has records of 3 years of that unit bringing in between 2-2500 a month. My issue is that price for the duplex is listed at 200k, but the median comp in the area is 56k. I have looked at the Airbnb listing and everyone loves the apartment, the only bad comment it gets is its in a little rougher neighborhood. The duplex is walking distance from Downtown. My first thought was to do the same to the other side and get them both on Airbnb.
Should I be worried about the comps being so low?
I have not had a Airbnb rental myself, my property manager lives 10 mins from the duplex and would do all the managing. Not sure about restriction that may come to Airbnb rentals. I am not up to date on short term rental strategies at all.
Thanks for you time!