Under Contract on my first investment property
Been lurking on the board for a while. I'm under contract on my first investment property in Richmond, KY. It's an older house that has been turned into a duplex and is currently rented for $1000/month. Purchase price was $75k and house needs minimal work. Current tenants are not under a lease which I plan to make them sign when I take over or move out. Local bank is having me put 25% down since the property is multi-family and I'm getting an interest rate at 4.25%. Cash flow numbers look good compared to other properties I've run but I'd love to hear what everyone thinks.