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Updated almost 4 years ago on . Most recent reply
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Newbie: offer on triplex and dual agency
Hi all! Newb here.. need some help.
I'm interested in a property and I've run the numbers. Would you all mind giving me feedback? A little bit of background: this property (triplex) is in my dad's hometown. It's an older small town. There aren't a lot of triplexes in the area so comps are difficult and there are only like 4 real estate agents. I thought my aunt suggested a person but turns out there was miscommunication (even more weird --- now I'm in a dual agent situation bc she showed us the property).
The property: List Price: 83K
Offering: 69k
ARV: ? Conservatively 83K?
Repairs:? (There is no property disclosure statement as this is heirs property and the heir lives out of state/ never lived in the property. It was built in 1920.) It looks like it's been well maintained on the inside; the outside has paint chipping) I anticipate learning more during an inspection.
Only one unit was occupied recently: he passed from COVID; the owner/occupant passed a while back.
Door 1 (2/1): $550
Door 2 (1/1): $525
Door 3 (studio): $450
P&I: $436.52
Vacancy: $106
Maintenance: $152.50
Property management: $106.75 (We will likely self manage but always good to put the number in)
Taxes: $153
Insurance: $125
Cap ex: $152.50 (10%)
Total expenses: approx. $ 1233
Total monthly income: $1525 (conservatively)
Utilities are all sub metered
Cash flow: approx. $292
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Two questions: Should I reach out to another agent to eliminate the dual agency issue? ( I made an offer Monday and she JUST sent over the sales agreement contract) Any feedback on my numbers?