Deal analysis on MS Gulf Coast

3 Replies

Hey everyone just curious on others opinion of a possible deal in Ocean Springs, MS.

I am looking at two duplexes side by side in a small subdivision with working class tenants. They are currently all occupied with one unit renting for $1,000 and the other three for $900 per month. 

So, gross yearly income of $44,400

Insurance quote is $3,000 per year

Taxes are $2,500 per property, so $5,000 per year total

Tenants pay electric and water. 

The asking price is $540,000, which i know is very high if you are wanting the 1 percent rule. I would offer the $370,000 that is the 1 percent rule and see what the owner says. He is apparently highly motivated due to moving out of the state. I also will be needing to pay a property management company because i travel for work. 

Thanks in advance for anyone opinion!

Matthew,

There are much better deals out there. You can get a 6 door in Gautier for under $300K. 

Good luck,

Don

Thanks for the reply. I have seen some in Gautier but I am looking for more of a B or even B+ property. Most there are usually C or lower just because of demographics 

I suggest you link up with Jeremy Smith.  Good luck!!!

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