Pittsburgh Duplex Analysis
I am analyzing a duplex that could be my first investment property. After negotiating with the seller he would sell for 55k cash. The property was listed for 70k.
Current market rents for a 1/1 is between $550-$650 (I am using the low end to be conservative)
Revenue:
Rental Income: $1,100
Vacancy at 10%: -110.00
Net: $990
Expenses:
Taxes: $180
Insurance: $42
Property Management: $120
Maintenance/Repair: $100
Total: $442
NOI: $548
Mortgage: $378
CASH FLOW: $190
Additional Comments: PM will take first months rent when a new tenant is placed. I need the property to appraise for 70k so I can refinance and get my initial cash payment back out. The county website shows the full market value is $81,200. Will that have any bearing on the appraised value?
Comments are greatly appreciated.