Duplex purchase YES or NO?
I am looking to purchase a Duplex in Springfield MO. It is a really good area for a decent price. My plan is to live in one side and rent the other. Rents in the area are $650 for this type of unit. Both are 2 bed & 1 Bath. Built in 1980 around 900 Sq feet for each unit. I estimate it will take around $10,000 of repairs over the next couple years. It is listed around $140,000. I do not qualify for a conventional or FHA loan because a year ago I became self employed so the best interest rate I can find is around 7% putting around $10,000 down payment. The problem I am running into is finding a property that has decent cash flow. Wanted to hear what you thought of the deal. Also any suggestions.