First Property - Good or bad Deal?
Hello, I'm soon to close on my first property, and I would like some insight on whether it was a good deal or not.
Property is a duplex located in South Hills area of Charleston, WV. I will be House Hacking.
Sale Price is $180,000. Upstairs is 1,000 sqft 4 bed, 1 bath. Downstairs is 1,000 sqft 1 bed, 1 bath (I plan to add a bedroom before I move out.)
I will be inheriting the upstairs tenant and living downstairs. Upstairs currently rents for $1,200, which I believe is under market value. Bottom should rent for >$900.
Home is in good shape, new roof recently, hefty upgrades to electrical and brand new furnace. With taxes and insurance, I should be all in for less than $1400 per month.
Was this a good deal? I'm brand new to investing and I'm not sure.
Thanks!