Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago,
would you buy this duplex in the pittsburgh area?
Newbie from Pittsburgh looking for advice/feedback on what could be my first deal. It's a duplex, 2 bed/1bath either side, five min from my house. It's a lower income neighborhood in a nice middle class area. Low crime, good school district,low vacancy rates, easy access to main highway to downtown (25- 30 min drive) walk to grocery store. but no public transit. i found it on Zillow, no interior photos. it was a foreclosure, but now owned by Deutsche Bank National Trust. waiting to hear back from realtor who seems to be on a lot of foreclosure listings. So here are the numbers.
price $36K
total rent $1500 (according to rent o meter and my brain)
Zillow value est $150K
county assessed value $110K
taxes $428 yearly
50% rule $620 cashflow with mortgage $750 w/o ( could possibly pay cash)
rehab cost- no clue, lets say 25K?
This looks good on paper, but maybe too good to be true. Seems like a great first investment.
So whats the worst case scenario?
Is this a no brainer?
what else do i need to know besides rehab estimate and is it occupied,current rent and utilitiy costs etc?
And of course, what would you do?
Thank you in advance for any and all feedback!