First time buyers purchasing duplex
Hi - please help us with some advice.
We are purchasing our first income property and it is a duplex in a D neighborhood - low income neighborhood but the duplexes all rent well.
It's less than 2,000 sqft total and has 3bd, 1bth. Sold as is.
Seller is paying for inspection and both units occupied right now, but 1 unit will be vacant soon.
We made and offer and the seller countered by 2,000. We are firm on our price and confident they will accept.
Our question(s).
Any advice on contingencies regarding the tenants - money in escrow until they are removed?
Any other contingencies we should/can do - if inspection finds a,b,c?
Confident it will rent after cleaned and minor repairs done. 10,000 budget for repairs so when the inspection comes back - what are we looking for that is too much to take on?
The one tenant who wants to remain lives in filth - I know we don't live there and renter is a renter - but when is the disgusting too much? I guess I'm not too worried I won't find a renter after we clean the place up and show it a little love - my fear is that if he stays he will make the vacant side less attractive.
Has anyone ever had a renter in a duplex less the value of the other unit?
This is our first buy and we are excited. The numbers make sense and we are countering just want any extra advice about duplexes, contingencies, tenants.
Thanks!