1st Deal - Triplex - house hacking
I am looking at a 2 @ 2/1 & 1 @ 1/1 with my living in one 2/1.
Asking price dropped from 245k to 180K which was increased to 189K after I made the following offer. FHA 203k streamline - 175K with sellers assist 4k and seller can rent back for 60 days was offered and he said no & upped the price to 189K. It had been on the market for 150 days when I offered. I have found out that he is looking for a investor that will let him carry 90K but will have cash for the 99K and all repairs and I can't do that. I think he has a dream. The 245K would be right, even low if the repairs & updates were done.
The 3200 sq ft triplex built in 1969 is on the coast but no direct access to the beach or a view either. Currently the units rent for 850 & 620 and the owner knows their are below market. New rent would be 950 & 675 when I move in new tenets.
Seller had a new roof put on 10 yrs ago but it was a fly by night that closed the roof vents so now there is mold. It needs new carpets in the 2/1upstairs (mine) and all the large windows replaced as they are original.
I will be managing these myself for now. The second 2/1 will be a lifetime move in (I am caregiver). Do the numbers work? I want to convert the 1/1 to a VRD maybe.