Updated over 9 years ago on . Most recent reply
Duplex Deal
Hi BP!
The Deal: 3br 2ba and 2br 2ba 2-1/2 car attached garages duplex that I plan to make an offer on this week. Listing price is $117,000. Both units are currently rented at 765 and 695 respectively. I am a first time home buyer and will be an owner occupant occupying the 2br side. The duplex along with several others were built early 2000 and have been for the most part owned and maintained by one owner. The taxes are around $1800 semi annually (high). The properties are in very good shape. I don't foresee much need to sink any funds in improving the properties within the next decade. No crime. These are the pros.
The only negative aspect is the location. The schools are bad but better than the public options in the nearby city. No decent grocery store or substantial commerce within a 10-15 min drive. Negative population growth since 2000. Major retailers (Target, Walmart, Best Buy) have departed the area in the last decade. However, 24 new businesses have opened up within the last 12 months.
How would you develop your offer? What am I not considering? Does a bad location outweigh a ton of positives?
Thanks
JW