Duplex foreclosure in New Orleans metro
Hello BP! I’m excited about my potential first mfh, but I’m not alone to the party. This foreclosure will be going to auction, and I think it’ll go above asking. I just left, and here’s what I know:
2 units: 1 side 2/1, 1,000 SQ FT the other 3/2.5, 1,200 SQ FT Both vacant. Separate water, gas, electric. Asking 189,900. Probably needs 7k in Reno total. I think the rent is undervalued at $900 and $1000, respectively.
I’m prepared to put 20% down, 3,500 in closing. Comps at the lowest are in the 220s range.
My math has the deal being pretty tight, especially if it gets crazy at auction. The units have granite throughout, and most of the repairs are cosmetic only. What are some efficient ways to increase arv during the Reno? Would you paint exterior (it could use it)? Landscaping? I’m looking for ideas that might make the appraiser smile 😃
Thanks!