Updated over 16 years ago on . Most recent reply
Potential 1st deal
Looked at a repo 2-unit today that looked to be in surprisingly good shape. Each unit is 3 bedroom/1 bath. Purchase price is $15,000. Going rate in the area is ~$700-750 for 3 bedrooms however I live in Michigan where the economy is rough so I would likely cut my rent to $650 to mitigate the vacancy portion of the 50% rule. I will be paying cash for the property for purchase and to bring it up to living condition (not sure if it will need furnace, roof, etc. once the utilities are turned on). On the surface it needs 3 rooms painted and thats it. Looks as though the electrical and plumbing were upgraded within the last 2 years.
Thoughts?