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Updated almost 6 years ago,
First Property: Pompano Beach FL
I really want to buy a duplex in my local market (South Florida), but think that might be a little out of my price range for my first property. I have been previously pre-approved for $185k and have paid over $20k in debts since then.
I managed to stumble across a Duplex (4/2) for $175k in Pompano Beach, but its kind of in the hood and needs a good amount of repairs. The ad says its a lot of cosmetics, but only has one picture of the exterior and already you can see it needs all new sod and entirely new driveways. When I try to look up comps, I get a wide range of numbers but mostly over $200k. I found one website that says it values the house at $230k, but can't seem to pull it up on the property appraiser.
What steps should I take to make sure this is a good deal? Should I hire an appraiser/inspector/real estate agent or could that dig into my profits?