Investing in Portsmouth
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Hello P-town investors. I live in Chesapeake and have been hunting for a deal in the area for a while. I have been trying to find multi families near the hospital for about 7 months now and I finally closed on what I believe to be a decent deal. Its a duplex on South Street. Good location between hospital and shipyard because I'll be targeting fellow military members as tenants. Anyhow, won the auction at 80k, Ill be in it about 135-140 after renovations and it seems from what I've looked at that I'll be able to rent for about 1000-1100 in the back unit and 1200-1300 in the front. Already talked with historic district and contractor has started work on the back unit. Currently working on getting the tenant out of the front unit. (worst headache for my first deal) Any local p-town investors that I could talk to to get expectations and check my numbers with for rents and ARV? Its no 2% deal but everything I've seen around here in the last year has been close to 1% so when I found this and worked the numbers at 1.5 I didn't see why it wouldn't be worth it.