Help Analysis a Rural Deal with a Twist
Newbie Investor here hoping to get aid in running the numbers on a potential deal in my area. I live in a more rural area so it isnt easy for me to get comps to get a firm idea of the house worth. (Which has lead to me considering getting an appraisers license to better be able to know my market).
So the Potential Deal is a Duplex each unit has 3bed/2bath and a garage.
A big issue is that it is in a smaller town outside of two larger towns by about 3 & 10 miles. In one larger town rent for this type of unit runs about 1300/month. In the other it normally runs about 1600/month. There isn't any rental comps for me to go off of. So I am guessing (key word there) that with the described positioning that I could get about 1250/unit. I do intend on calling the RE Agent though and seeing what they say.
So onto numbers then....
https://www.biggerpockets.com/...
As you can see I am planning on doing an FHA loan and living in one side for awhile (House Hack) that way I can save more of my W2 to do the next deal.
So although it doesn't have a knockout CoC return the real kicker is something I cant put in the report. Included in the sale is the lot next door. So potential for resale or development into another rental.
Your thoughts and if anyone is local to me I would love to converse. I am just really looking into getting a first deal under my belt to commit and not get analysis paralysis