Updated over 9 years ago on . Most recent reply
Crunching the numbers
I am going to the bank to get pre approved for my 4th loan. I am looking at a duplex in South Carolina. List price is $169K (reduced 10K last month) with one side rented at $900/month (2bed 1.5 bath). Other side is the same and would rent for the same amount. The property last sold for $85k in 99. It has been listed for 60 days. The owner is out of state I am considering offering $120K to make my net each month around $1200. I am assuming this with a traditional loan with 20% down. Please let me know what everyone thinks.
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Do you not pay taxes and insurance? Not sure how you came up with 1200 net if gross is 1800, mortgage is 485. You've got 115/month to pay for everything else? Might want to revisit your figures