Duplex in Dallas Area
I am looking at a duplex in the North Dallas area. I would buy for $50,000 then rehab for $15,000
It would be around 1100 sqft total space or 525 sqft per unit plus 50 sq for laundry and utility (shared)
We would be renting for $700 a month per unit
I would buy cash and mortgage out after rehab.
Monthly
Mortgage $280
Taxes $180
Vacancy $65
Repairs $104.00
CapEx $104.00
Insurance $50.00
Management $130.00 (this cost wouldn't be incurred but we budget for it for future)
Total $926.95
Monthly Rent $1400
Cash flow $474
those are the numbers I was looking at, I think!
I am curious if this is a decent deal? How much a bank would usually lend on the property if the market value was 100k? Any other advice etc anyone would recommend?