Buy and Hold in Charlotte 28205
I have a good lead on a great buy and hold property in 28205 Charlotte. Its a duplex and there aren't any other duplexes around for good comps. Can anyone advise me on how to run the numbers for a duplex? Ive never made an offer on a duplex before and any insights from the group would be appreciated! Its an off market deal and its 100% occupied. I would consider it in excellent condition. Average rents around the area are 1100/mo. Don't know yet what the current tenants are paying.
HELP!!
Thanks
Most Popular Reply
@Jordin Boyd - the 28205 area can vary greatly in terms of rents and prices. I have a few properties in that area so I am fairly familiar. If you are able to provide a street or narrow the area down a little better I can give you my opinion.
As for the tenants that are already in place, be sure to ask for a copy of the current leases to not only see the current rent, but also if they are month to month or under a longer term lease. Also, be sure to ask for record of rent payment to make sure you would not be inheriting a trouble tenant.