Is this owner-occupy option feasible? Warning-high market prices
Looking at a (FSBO) semi-detached duplex property, 4-floors, each unit has 2BR, 1BTH, WSHR/DRYR in both, all-inclusive, currently both are occupied ($1500 and $1400).
I would look to buy with roughly 5% down (save and invest the remainder of cash flow for repairs and emergency fund). I would live in the more expensive unit and update/repair.
Mortgage would be approximately $2200 and expenses could be another $1000, total $3200/month.
Is this feasible? A good idea? This is in a major city in Canada in a pretty hip/hot area. The neighbouring house sold for $480k last year and it is not divided into a duplex. Is posting the ad acceptable or more helpful here?
Also newbie to the forums, not the podcasts however.
RE in major cities up here is pretty different from what I have read on these forums ... hopefully there is some useful information.
Keywords: Canada, Toronto, Vancouver, Ottawa, Halifax, Montreal, Calgary, Owner Occupy Occupied
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Welcome to BP.
If you are, in fact, looking at $2900 in revenue and $3200 in expenses per month, you would be loosing $300 ($3600/year) ... not really the direction you want your cash to be flowing.