Meridian Kessler Duplex - Deal or No Deal?
Hello Everyone,
I'm under contract with a 1920 year built duplex in south part of Meridian Kessler (between 39th st and 40th st) for $205,000, 4 bed 1 bath on each side. One side is vacant and is completely renovated, the other side is in good condition and is rented for $900. My realtor told me the renovated side can be rented for $1300, however, the comps show lower.
I understand this is a higher middle class neighborhood, but since this is my first time buying in this neighborhood and it's my most expensive rental property in Indy so far, I'd appreciate if you can provide some honest opinion whether it's a good investment.
I have another concern: the seller replaced the roof this year, but there is only one-year non-transferable warranty on labor, my realtor's explanation is since the roof was installed by sub contractors of the property management company, that's how they offer warranty. My inspector said he can only determine to some degree if the roof was installed properly.
Property tax for last year is lower (around $1900/year for both sides), and seller doesn't have any exemptions, but tax was much higher on previous year (doubled assessed value), so not sure if it will be raised back again.
Any input is greatly appreciated.