Updated over 10 years ago on . Most recent reply
First Rental Property Advice
Fairly new to this site but love the solid advice and experience residing here. Here is my deal I want feedback on:
Duplex, great looking home in a historic district. Decent area with average crime. Low point is an apt complex a block and half away. Average price of homes in the area is $95k. Home is listed at $69,900. No repairs needed on initial inspection. Duplex is fully rented for $1000.00 per month. Have to finance the deal via FHA as I am just starting out and no cash capability. Monthly payment is $400.00. Using the 50% rule, this seems like a great start with immediate equity. Thought it was too good to be true until I saw the home for myself. Looked hard to find the negative in the deal and I can't find it.
Thoughts?