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Updated about 9 years ago,
Full Duplex appartment, Im attempting to buy it
Okay so lots of people have been giving me a ton of advice, and I have been reading like crazy lately on real estate. A big thanks to everyone on this forum. I was looking at half duplexes and single family homes, I now have been looking at full duplexes and I am absolutely blown away, by the amount they are renting for like what the hell hahah, money Is crazy.
Here are a few of the options I am looking at:
Option 1: 415,000 duplex. A total of 10 bedrooms and 5 baths. Currently rents out at 4,330 a month. Now if I put a 115,000 downpayment on it, my monthly mortgage would be 1,450 dollars minus say 500 dollars for bills such as water, gas, power, etc. Minus 7% of gross income for property manager=300 dollars. 300 dollars for house insurance and house taxes. Total expenses= 2,550 dollars. Total profit= 1780 dollars. This seems a little too good to be true, here is a link so you guys can see the property. It is a 1964, not that old in my opinion. Here is a link to the property
https://www.edmontonrealestate.pro/listing/e3437190-5503-5507-134-av-edmonton-alberta/
Option 2: 650,000 duplex. Has a total of 10 bedrooms and 6 baths. This unit has 4 individual suites. It is technically for sale for 688,000 but I would low ball a little bit and I know I could get it for 650,000. It was built in 1997 and is very new, looks amazing.
Suite 1 and 2: 3 bedrooms each, so 6 altogether
Suite 3 and 4: 2 bedrooms each, so 4 altogether
I know for the 3 bedroom suites I could easily charge 1,700 dollars for rent. For the 2 bedroom suites I can easily charge 1,200 and get that as well. So total rent would be 5,800.
Total mortage would be 520,000 dollars, so 2,400 in mortgage, plus 500 in bills, plus 300 for house insurance and tax, plus 400 for property manager= 3600 dollars. So 2200 dollars in profit a month. This seems way way more realistic. I have no idea why the first duplex is only going for 415,000 but that seems low and generally if something seems to go to be true it usually is. 650,000 for a full duplex seems more realistic in price. What option do you think is better. here is a link to 2nd option
https://www.edmontonrealestate.pro/listing/e3436358-10433-10431-154-st-nw-edmonton-alberta/
Also I know I have made 2 posts already on which is better, if my posts are annoying or bugging anyone just let me know i don't want to upset anyone, but im still a beginner and everyone on here is giving out such good advice, i wanna ask as many questions as possible and learn