First BRRRR project Atlanta, Georgia

[Paul C.]

Okay, so here is my first "real" deal. It is a duplex (2/2.5 on both sides) in Marietta, Ga in a multifamily neighborhood surrounded by pretty nice single family subdivisions. My wife and I are planning on living in one side for a yearish as we plan to quickly renovate one side and slowly renovate the other and then eventually refinance to start the BRRRR process. It is not a great deal, but I think it is decent for my strategy which is long term buy & hold using the BRRRR process. Any constructive advice is much appreciate, but please don't be too hard on me :) . Posting a before picture now and will update as progress is made.

Sale Price: $245,000

Down Payment: $50,000

Rehab Budget: $80,000

ARV: $355,000 (This is the hard part as there are very few multifamily comps if any that have been fixed up). Sfh's in this area that are in good shape could get this price for sure if not more.

Cash left in deal after refinance: $44,000

Mortgage + Expenses + HELOC payment = $2500

Rental Income = $3,000

Cashflow = $500/month