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Updated over 9 years ago, 04/06/2015
Older Duplex with higher Cap or Newly Renovated Home
Buying first rental property
Have offer on the table of $49.5K for a duplex that has renters who pay $550 per unit ($1100/month)
-was originally listed at $69K but talked it down
-On the corner of the block with a bus station right out front and a restaurant right next door
-built in 1900
-will need work very soon probably
Or should I wait for:
A newly renovated SFH in an up and coming part of town for the same price that rents for $700/month.
As an experienced investor, what would you do and what are immolate things I should consider?