Ok first off i haven't had a chance to visit this property as of yet. The property is a 2 unit home w/ a 4 car garage attached. Now there are tenants that live there and the garage needs work is what i was told. I was also told that the units are in good condition, but the garage is the problem.
I'll give you a small description of the home. Its priced for $39,900 and 2204 sqft. Now the other properties(2 units) in the area are going for $49,900-$69,900.
Now i'm think this is a good deal especial for my 1st time investing. I do plan on negotiating on the price. I would like to see other ppl's opinion and advice on this property.
To give you an opinion if this is a deal or not we need more information. What does it rent for? Is that comparable to other units in the area? Are you wanting to keep it as a rental or fix and sale? In my area most all duplexes sell for 40-45K a unit, but that means nothing to you since all prices are driven by the local market. Give us a little more detail after you view the property. Also, find out why the owner is selling. Best of luck!
The 1st unit is a 1 bdrm - $325-$400.
The 2nd unit is a 3 bdrm- $525-$600.
I plan on keeping it. I'll fill you on more detail when i check it out.
This sounds like it could be a good deal for cashflow and if values are moving in the area, it might make a good hold for a longer term, but BEWARE of condition. stements of condition are very subjective because they sometimes reflections of personal taste or they reflect the quality of landlord you wish to be. For instance, there may be no holes in the walls and no stains in the carpets, but you may feel like the cabinets could be better. The walls may be clean, but they might be that old lime color and out of date. Sometimes tenants take whta they are given and dont complain and landlords can benefit from that.
Let us know if you make the deal. I wish we had prices like that in the Chicago city limits!!! For 2 units!!! What city is that in?
It's in Pa...i'm from Nyc. I can not find good deals in Nyc the 2 unit homes are $450K-up, so i figured branch out. The commute is not a problem to me. And if worst comes to worst i'll live in 1 of the units. Plus i like the low taxes in Pa.