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Updated over 3 years ago, 05/20/2021

User Stats

24
Posts
3
Votes
Alesha Irvin
Pro Member
  • Rental Property Investor
  • South Central MS
3
Votes |
24
Posts

Newbie: offer on triplex and dual agency

Alesha Irvin
Pro Member
  • Rental Property Investor
  • South Central MS
Posted

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

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?

  • Alesha Irvin
  • Loading replies...