First duplex 100% financed

[Mike Stillwater]

Hi All,

This is my first post as a pro member. So glad I found this website. My agent has a 4 br duplex 2 units in a higher tax area but also a higher rent city. The good thing about the city is it has affordable multi-units to buy when they are available. I'm sharing my analysis on this property for opinions as I've owned SFR but this is my first mult so I would be great to hear opinions. This is a 100% financed property so the mortgage payment is there plus the $205 heloc. I have a $120k available in a 30 year amortized heloc with a 10 year draw, no fee except $60/yr. If I had the cash the cash flow would jump to over $500 but I'd rather not use cash at this point. The areas rent for a 2br 1ba is as high as $1500-1600 for a fully unit but I'm analyzing conservatively. The house needs a new roof and my offer would include a concession for $8500-9k for the roof. The house was overpriced and has been sitting for a while and they took it off and is going to relist it but I can still get it before its listed and anyone sees the updated listing. I personally wanted $500+ cash flow but I just dont have the cash to put down. Each unit is 2br 1ba.