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Updated over 5 years ago,
Help with first real estate transaction
here is where I'm at . Would like if you could double check my research and educate me how to better evaluate deals or meet an agent who is better suited for first time investor
Option 1- Dover single family (MLS#3550289). Easiest option as its move in ready with exception no central air (researched ductless air systems looks like 4k to install one ). Live in it for a year then rent out to family as it's close to school. Rentals in Dover for 3bed 2 bath are $2000-2300. If mortgage estimate 1900 would leave me positive $300 when I leave and rent it out
Option 2- Plainfield 2 family MLS 3552881. 350k list price. My agent ran some numbers that seem off. Mortgage 2k taxes 880 insurance etc came out to 3k monthly. (10% down assumed in all options ). Unit 1 renting for $1320 unit 2 $1280 = 1600 so cash flow negative of 400... doesn't seem right. Also average rental for 3 bed in north Plainfield is 1600-1800 so those tenants getting a deal.
Option 3- bids for this due by 5pm today thus urgency. MLS 3553877. Multiple offers agent advised 320k offer. Unit 2 renting for 1600 unit 1 currently owner occupied but can prob do 1400 later on. If monthly mortgage all in is 2600 and rental is 3k then we are cash flow positive $400. Agent says we can do better then that (but where?!)
Thank you!!