Updated about 9 years ago on . Most recent reply
First Duplex - Offer Made. Would like your thoughts
Duplex offered 170k, rent should be for $1800/mo with tenants paying all utilities except garbage. This is our first purchase, and my analysis is based on what both sides could rent for today, but we currently plan on living in half of the duplex for several years and house hacking. The property is in a B to B+ neighborhood. 3b 1.5 bath identical sides with a family room and storage room in downstairs finished basement. There's very little work needed, mostly minor cosmetic and a new washer/dryer for the unit we'll live in.
The property is unlisted, but the sellers are actively working with the same realtor that we are. We have an offer in at 170k on their asking price of 173,900 prior to the listing going public. If it goes public I'd expect it goes under contract within 2 weeks.
Here's a link to my analysis on the BP rental property calculator.
https://www.biggerpockets.com/calculators/shared/646981/44371354-630b-4971-a478-32e910ecd23f
Also, I'd personally like to see a bit more cash flow on normal deals, as if I threw in a property manager, cash flow will drop to around $250. Since we are househacking and plan to live here for a decent period of time, I'm ok with sacrificing a bit on the numbers for quality of life.
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Hello @Marcus Narvaez....if you are looking for some extra cash flow I used a conventional loan with 3% Down and no mortgage insurance on my first duplex (it makes the payment way less than an FHA Loan) and I didn't have to put down 20% !! Feel free to message me if you have questions and I can point you in the right direction ASAP.