Updated over 9 years ago on . Most recent reply
First time MFH
Hello,
I am a long time follower of BP. I am getting my first property and plan to use a buy and hold strategy. I was hoping some of you could take a look at some of my numbers and give any advice possible. I will owner occupy the property for the first year.
I am looking at a MFH 2 units, 2 bedrooms one bath each, in a C+ neighborhood. The asking price is $99,900 but I will offer 89,000 because a new HWH and some knob and tube wiring needs fixed up. The downstairs shower also needs attention and I estimate total repairs to be in the 10-12 k landmark.
The tenants pay 600 and 650 monthly and with a few quick fixes I could rent out both units for 650 - 700. The garage is rented separate for 60 a month.
Annual gross income in 15,600 on tax returns.
Annual Tax is 1,849.
What do you think of this deal?