Duplex metro Detroit

[Tereal Wilsonn]

Please advise , on duplex Asking price 90k 2 units currently rent for 775= 1550 Tenants pay all utilities Annual taxes 2000 Homeowners insurance is 150 a mouth This Duplex is in metro Detroit This is my first home, and I would owner occupy. Would do you all think

[Christian Hutchinson]

VA Appraisals/Inspections are VERY tough. Prob the toughest of the of the 3 big ones Conventional, FHA, VA.

The numbers look good...Don't get too far ahead of yourself in terms of moving on in a year.  All income nowadays need to be aged two years before it will pass underwiting(That way Fannie and Freddie will insure them).  So you will get dinged for the mortgage payment, but they won't count the rental income for two years(or at least two tax returns).  So you have a $600 hole in your budget.  I don't know what your income is like but keep that in mind.

Maybe take the money you are living "free" from and get you one of those homes through the Detroit Auction or Wayne County Tax Auction next year.  Then in 2017 all rental incomes will be aged and then you can move on and up.