All Forum Posts by: Silas Rogers

 so rentometer says average and median rents for a 3/2 in this area is $1000. I saw various properties from $1200 up on Zillow and didn't see much of anything on CL.. so maybe just send a lowball offer?

My mistake! thanks for pointing that out. 

https://www.zillow.com/homedet...

Hey BP Members,

So I am about to submit an offer on a duplex. its a 3/2 upstairs and 3/2 downstairs, with W/D in both units. I plan to live in the downstairs unit and rent out the upstairs. property is in good condition and does not appear to need any immediate updates. Wondering if this worth it or not.

I will be using a 30yr FHA loan with 3.5% down @4% interest

$250,000 - listing price

$2,100/yr - Taxes

$1500/yr - Homeowners insurance (got quote)

General rents in the 30344 area for a 3/2 is about $1,200-1,400 (My realtor told me this place had previously been rented at $1,100/unit).

Can you tell me if this sounds like a good deal? What info am I missing?

Thanks!

Hey BP Members,

So I am about to submit an offer on a duplex. its a 3/2 upstairs and 3/2 downstairs, with W/D in both units. I plan to live in the downstairs unit and rent out the upstairs. property is in good condition and does not appear to need any immediate updates.

I will be using a 30yr FHA loan with 3.5% down @4% interest

$250,000 - listing price 

$2,100/yr - Taxes

$1500/yr - Homeowners insurance (got quote)

General rents in the 30344 area for a 3/2 is about $1,200-1,400 (My realtor told me this place had previously been rented at $1,100/unit).

Can you tell me if this sounds like a good deal? What info am I missing? 

Thanks!

@Ekene Nwobodo

Well I always calculate things super conservative, so I would’ve done like 8% of rents rather than 5%. But I don’t know the condition of the property.

@Ekene Nwobodo

Never mind, this is a duplex not a triplex.

@Ekene Nwobodo

That’s awesome man! I’m still a rookie, but do you think Repair estimates are a bit low considering it’s 3 units? Either way, it looks like you have plenty of cushion, with the amount of cash flow ($160 per door).

how did you find it and how are you funding it?

I’ve been looking in that area for a small multifamily. But I won’t be ready to close on anything until the end of the year. I plan to house hack.

@Rick Baggenstoss thanks for the insight!

@Levi Koskan

Would you happen to still have a copy of this letter template? I’m looking to mail a few owner’s of small multifamily properties, in an effort to get an off market deal.

Thanks