Updated over 12 years ago on . Most recent reply
Inner city opportunity residential plus commercial looking for advice
Looking to purchase my first property and have been watching the market for a few months. Came across a 2 bedroom, 1 store front property in an inner city area. All 3 are currently rented and bring in $1500 per month total. Could use minor renovation, but nothing major. 96% occupancy the last 12 months. They're asking $44,000.
Using 50% rule, approximately $750 per month will go towards expenses. Approximately $300 towards loan. From my perspective (without your knowledge), I'm seeing a $450 per moth profit.
My question - do you see anything i'm missing?