All Forum Posts by: Martine Torres

@Alex Mora - Thank you for your advice! The payment for my side, after excluding the rental income, will be a few hundred more than what I currently pay in rent, which is one of the reasons why I’m slightly hesitant since I also will be paying the W, S and G, and renovating at the same time, so my costs will be higher. 
Congrats on finding a duplex yourself! Do you have any updating to do on yours?

Payment will be around 3100 a month. Doing FHA so I only have to put 3.5% down. The neighborhood is pretty good. Homes around it are nice. It's close to the freeway. I am just wary about buying in SE Portland due to tenants being favored and high property taxes. Water and sewer are expensive in Portland as well and I pay that as the landlord.

Thanks for your response!

The duplex is 575k and the renter on other other side pays $1375. I am not sure the renovation costs yet as I will be gathering bids this week. A similar duplex across the street sold for 475k in January 2020 and rents for 1650 and 1750 but it’s renovated. 

Hello!

I received an accepted offer on a duplex in SE Portland, Oregon for the purchase price since it was relisted due to a prior sale fail. The duplex has a new roof but it needs work: new interior and exterior paint, landscaping, new fence, remodeled kitchen and bathroom, new appliances and windows. One side is currently rented. I’m trying to determine if the upfront cost to renovate the unit (I plan on living in the current vacant side and renovating it) will be worth it so I can rent it out for more down the road. This will be my first home I will buy.  

What are your thoughts on buying a duplex as a first property and if it’s worth the cost?