Help Analyzing a Deal In Truro, Nova Scotia
Hello, my BP heroes,
I recently came across a deal that I'm very interested in, and I'm hoping to do house hacking with occupying this largest unit. And right now we are in the process of negotiating offers and definitely would appreciate some of your thoughts.
Listing price: $270,000, built in 1890
Property type: triplex. Location: downtown Truro, 10min walking distance to business district.
Rent roll(verified with tenants):
1st unit, largest: $1195 (tenant pay cable)
2nd unit: $1100 (tenant pay cable)
3rd unit: $ 700 (tenant pay heat, power, cable)
so generally, first two units, heat, power, and internet are all included.
Expenses anual:
Insurance: $2900, Heating $5022, Power: $1904, Tax $4348, Water/Sewage: $640, Snow/Garbage: $172
Pros: Great location, good zoning, ready to move in condition, two level garage but pretty shabby.
Concerns: There are some water leaks in the foundation(stone and concrete), there are two quarter-thick cracks near the foundation(the bricks are tilting and shifting a bit), age.
Given all above, are the listing price too high ? the triplexes in this area are generally listed between 200 - 240k.
Greatly appreciate any advice, and happy to provide more detail if these are not enough to anchor a price.