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Updated over 8 years ago,
Wisconsin first time home buyer looking for duplex near Wausau
Hello Bigger Pockets!
I have wanted to be a real estate investor since I was in high school. Two years ago I married wife of my dreams and we activity looking for or first investment property. Just a month ago I was pre-approved for FHA and getting so close, but we don't want to jump into anything and get in over our heads. I looked on all the sites, been on craigslist and trying to network with everyone, but have come up with limited options because rents are going up due to higher demand. I reached out to an agent I talked to a year ago who owns over 40 properties and told me about a couple properties she would consider selling which are not on the market. She has been terrible at communicating and after a couple weeks we were able to take a look at one side.
Here's some of the figures:
3 Bedroom 2 bath 1600 sq ft each side built in 1995
One side is being rented for 850 and just signed a new lease other side is finishing up a 1 year lease for 800 per month and will go to month.
Taxes $4900
Has new roof, original HVAC systems and water heaters.
The duplex needs updating and is rough around the edges.
Needs painting and some dry wall fixed, I noticed the skylights seem to have paint peeling and little black around the edges, may need to be replaced. Bathrooms need some remodeling and some leaking around toilets. Also the kitchen is ok, but again needs updating maybe some new appliances.
Had a family member come and hes saying maybe 20k worth of stuff, but some I believe can waiting depending on inspection. He advised not moving forward, but he hasn't seen whats on the market at that my price range.
Its in a lower income neighborhood but its blocks from shopping and schools.
This is the problem its on my high end for price 150k, and the person selling it wants an offer before showing me the other side because she doesn't want to scare her current tenant. She said I could stip as a condition of sale is seeing the other side. Thoughts?