Need advice - duplex on sale in the bronx-bank owned

Real Estate Deal Analysis & Advice
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Need advice - duplex on sale in the bronx-bank owned

Eva Marin
Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes

HI everyone here! Need some help and advice here, I am not ready to buy right now but I wonder if this is maybe a good deal that I should not let pass.

I would like to hear your opinion here guys, would really appreciated. :)thanks.

Ok, I found this property online, I am trying to figure out if the numbers makes a good deal for this property.

____

it is a Bank Owned. Sold AS IS. located in the Bronx.

Asking price= $180,000

2 units (located in a block with SFH and duplex in ok conditions)

(unit 1- 2 BEd- 1 bath

(2 unit - 3 bed - 1 bath )

FUll basement

Acres: 0.0341 -Square Footage: 1,485

Estimated taxes -$2,800

The property needs repairs guessing $25k- really do not know at this point,

it is vacant, no tenants, I have not visited yet.

At this point I also do not know yet for how much I can rent each unit, I need

to find out too.

Running some CMA in the area other properties have been sold

for $250k or more.

I am suppose to talk to the person who has the listing tomorrow.

Thanks, appreciate any advice :) what you guys think?

Eva

Property Type: Multi Family (2-4 Units), Attached
Stories: 2
County Bronx
Style: A-Frame
Community Bronx
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  • Simon Campbell
    Miami, FL · Member since 2012 · 612 posts · 189 votes
    13y

    There really is not enough information here for us to help you with. Check with the listing agent. Go and look at the house. Ask why there are no tenants.

    To have us help you analyze the deal, you will need to find out the market rents, who pays for the utilities and if it is the landlord, then how much they were with tenants. You will also need to figure out at least a general idea of the needed repair costs from a physical inspection.

    Get that info and we will be happy to help you see if this is a viable investment property.

    0Reply
  • Eva Marin
    OP
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    Hi Simon,

    thanks, really helpful everything you said i should check all those things first before even consider the deal.

    my plan is to pass by the property this saturday and talk to some REA.

    As soon as i get more info about the deal, i will post it here.

    Thanks, really appreciate your comments :)

    0Reply
  • Eva Marin
    OP
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    Hi Simon,

    2 days later after my post, the property was out of the listing,

    under contract, so I will continue looking around :)

    thanks for the comments

    Eva

    0Reply
  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    a quick way to get an idea of rent in any area, is using www.rentometer.com. Punch in the address, number of bedrooms and rent (even if you are guessing at 1st).

    0Reply
  • Eva Marin
    OP
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    Hi Pete!

    it seems like you read my mind.

    For the last 2 days i have been trying to figure out if there is a way of having an idea of the rent market before even asking RE agents from the area to give me some numbers.

    Thank you for your post, very helpfull.

    we shoudl talk soon, i see a lot of properties in the bronx duplex and triplex bet 300-450k that i would like to know what you think and how do you approach those deals.

    Thanks,

    0Reply
  • Alyn Shek
    Insurance Agent · Bayside, NY · Member since 2013 · 25 posts · 7 votes
    13y

    @Eva Which area of the Bronx are you looking at? Are you looking into the rougher part of the Bronx? Have you consider Westchester?

    0Reply
  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    @Eva Marin Glad to help.

    0Reply
  • Simon Campbell
    Miami, FL · Member since 2012 · 612 posts · 189 votes
    13y

    Another suggestion regarding market rents (and perhaps a little more accurate) would be to keep track of advertised places for rent that come out in your local newspaper or local online posting site. Listings in the newspaper are going to be genuine and up to date which is not always the case on public sites such as Trulia.

    0Reply
  • Eva Marin
    OP
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    @Simon Campbell , thanks for the suggestion, great idea :)

    @Alyn Shek , am new to REI so i am trying to be at this moment very precise of what i am looking (duplex or triplex) and in which area, so right now i wanto learn what is the market in the Bronx, particularly 2 or 3 miles from from my zip code 10462. Otherwise it is too overwelming at this point to look around futher, when i am trying to figure out now even how to start.

    But i will be very happy to talk to you to discuss and exchange ideas. thanks

    Eva

    0Reply
  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    I like @Simon Campbell

    0Reply
  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    That's why I like Rentometer.com, because it's area specific. You even see a map of the immediate area and the comparable rents.

    You can always Google map or better yet Google Earth the location in question to get a virtual tour of the neighborhood. Though not "Live" and up to the minute, it still can be helpful.

    Consulting a local property management company (in the immediate area) might be helpful too.

    0Reply
  • Simon Campbell
    Miami, FL · Member since 2012 · 612 posts · 189 votes
    13y

    @Eva Marin there was a recent post that discussed Rentometer. Here is the link: http://www.biggerpockets.com/forums/52/topics/89450-rentometer.

    It is important to know where the data is coming from. For example, I just read a recent post that revealed that Zillow places rental data on property listings whether or not the property is for rent. This is a site derived/created figure and may or may not reflect the market. If Zillow is deciding what the rents are for properties and this number is part of their rental average, you can easily see how the true market data will get skewed.

    0Reply
  • Eva Marin
    OP
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    Thank you @Simon Campbell

    the link was very helpful, i have not even got my first rental property yet but i like to be putting information together so when the time get closer i just have to pull those files, and the research become easier. :)

    Definitely i can start with those choices (mapliv.com, craisglist and rentometer).

    0Reply
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