Need help on analyzing this deal on Duplex
Hello,
My husband and I are looking to purchase our first investment property. We have been talking to a seller who would like to sell his duplex for 86k (He told me 80k in our first conversation, went up to 86k the next day and when asked why he said because of the repairs/work that he has put into and will need to put into the property before selling it).
When I looked at duplexes sold within past 6 months in that area of the city, 2 sold for ~35k but from the looks of the pics needed extensive repair, 1 sold for 71.2k in similar condition to his.
The seller's property would need the driveway resurfaced, no other repairs needed at this time. Both units are occupied bringing in a combined total of $1580/month
My question is: should I assume that the property around the corner went for cheaper because it was vacant and pay a bit more? if so, how much more should I be looking to pay for this property?