OKC - Hot deal in my hands?? Duplex
I’m new to this BP. Looking to buy my 2ndinvestment property. Duplex 2 of 2 units leased out in Oklahoma City, OK. Each unit 2 beds and 2 baths. Built in 2016 & 55+ Community w/ HOA.
Asking: $334,000
25% Down: $83,725
75% Leverage: 251,175
Unit 1 Mo. Rent: $1645
Unit 2 Mo. Rent: $1645
Total monthly rent: $3290
Insurance monthly: $95
Taxes monthly: $415
Mgm (8%) monthly: $271
HOA monthly: $300 (Very High!!!)
Mortgage monthly: $1310.25
Cash flow (not including vacancy 5% or maintenance): $900 roughly
ROI: 13% roughly
If one unit is rented out, I at the minimum will break even cash flow.
Three concerns: HOA, property limited to age group 55+, and resell will be difficult; however, this can be a solid buy and hold for long term.
What do you think?
Most Popular Reply
- Residential Real Estate Broker
- Edmond, OK
- 183
- Votes |
- 452
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With the retirement community you might have less turnover, but the HOA is expensive. There are also better deals here.....
- Zach Sikes
