All Forum Posts by: Daniel Guerra

Thanks for the input Scott!

I had the roof inspected and it comes out to $7,088.00.  There's definitely mold in the attic but not everywhere.  The inspector mentioned mold was located in 3 spots.  The inspector did not find any mold in the bathrooms.

I'm still waiting on the leases, tenant estoppels, etc. from the seller.

526 harwood street, Joliet, Illinois

Duplex x2 (2 bedroom 1 bath), electric heating, window a/c (bottom unit doesn't have a/c), no garage

The current tenants are paying $2,200 total for poor conditions.  Both tenants don't have working ovens or stoves.  The upper tenant doesn't even have the gas activated for whatever reason.  The place needs a new roof and has mold in the attic.  My contractor estimated about 20k in repairs and roof/mold will cost around 10k.  I don't understand how the tenants are paying so much.

The average rent in the area is $950.  The location has low crime rate, poor schools, city with plenty of amenities, etc.  This is definitely a class C property in a class C neighborhood.  It's a quiet neighborhood as far as I know.  You'll need a car to get around however.

This duplex is not worth 145,500 and most likely never will be.  The 115,500 is probably the value of the duplex with very little repairs.  Unfortunately, this place requires a good deal of repairs.

Thanks for reading.  Any advice would be appreciated.