Please help! Looking at a Multi to buy, First Timer!

[Petru Popovici]

Ok so I have been on the site for awhile now and ready to dive in and get my feet wet.

I found a property that looks like it makes great sense what are your guy's thought.

The Property is in Indianapolis It's a Duplex one unit is 4 bed 2 bath the other 3 bed 1 bath

It just got nicely rehabbed including new roof about 6 years ago and could maybe use some carpet but that's really about it from what I can see.

It already has tenants in place for $675 and $650. One tenant is month to month the other is in a lease for another year but both want to stay.

The List price is 69k but I think I can get them down to 59k

The Monthly cost:

Total Rent for both units $1325

Debt Service @ 5% 30yr $237

Prop Mang $106

Taxes monthly $83

All Utilities paid but renters incl water and sewer.

Insurance give or take $65

What do you guys think?

Thank you!!!!

[Mark Bookhagen]

The numbers look good to me. As you said, inspection will be key to make sure there is not a major issue. If you are bold, you can ask the tenants during the walk through if there "is anything they would change" about the house. Be friendly, and they will give you an honest answer. They are usually willing to tell you the truth because they want the "issues" fixed if there are any.