Updated over 11 years ago on . Most recent reply
Owner Occupied Duplex Deal
Looking at a duplex 3 BR 2B on one side 2BR 2B on other with full basements FSBO listed for $155,000 (which is above market) built 1980 in great shape in a good neighborhood with 1 car separated garages. Tenants pay utilities, rented month to month for $625 (2 BR) and $725 (3 BR) and 3BR is planning on moving out (perfect for us to occupy). Seller says hasn't raised rent in years and tenants pay late sometimes (he describes himself as atypical landlord). Market rent $650-800 for 2BR and $750-900 for 3BR. Seller paid $125,000 in 2003 and I am thinking of offering $130,000 to start. It's a rare property in my area, I can get 5% down conv. financing, and would allow us to save around $1200 per month on our personal housing expenses to throw into more buy and hold properties. Any input greatly appreciated.