Updated about 10 years ago on . Most recent reply
Good deal for a pair of duplexes? N. Illinois
Hello,
Trying to judge if this is a good deal or not. There's a pair of 2bd/1ba duplexes with attached 1 car garages for each unit (so 9bd 4ba, 4 1car garages for the whole purchase)
It's in a pretty rural town in N. Illinois (pop. 350) My parents would manage it for me as it's 2 min down the street from them.
Purchase price is $148k. Property taxes are $7500 (worst part if you ask me). Gross rents per month are $2.250.
It's at the 1.5% rule, but not quote to 2%. Tenants pay electric, gas, heat. Water is via community well and sewage is private septic field. The buildings look in great shape and they were built in 1989.
On paper this whole thing makes sense, but it seems they've been on the market for some time and haven't sold. So maybe I'm missing something.
Thanks!