Need opinion on duplex deal
I was approached today by a friend of mine who is looking to sell her duplex. She is done being a landlord and wants to get rid of it. Property is in good shape with no major renovations needed, it is located in Fond du Lac Wisconsin in a B- neighborhood. Basic Details below.
Asking price-$81,000
Rent-$395 and $750=$1,145/month
Taxes-$191.67/month
Insurance-$85/month
Property is tax assessed at $90,300
Tenants pay utilities
What would you do? What would you offer? Any suggestions would be greatly appreciated.
Most Popular Reply
Frank, I own a few properties in the area of Fond du lac. The $395 is very low. Can you get that to $450?
Is that a 1 bedroom? Also, I'm one who doesn't care what the assessor thinks. What are comps in the area? (Within a mile or two). There must be 40 duplexes for sale in FDL
Although, the combined rents are ok at first glance. Without knowing the property, look for $1200 month in total rents and I feel you'll be in a good place. Combine that with a lower purchase price even better!
If you'd like me to walk the property with you, I'd be happy to. No charge.
Well, maybe a Gillies Turtle Sundae would help!