Having a hard time with this decision.

[Ken Cooper]

I am in escrow for a Triplex in Redondo Beach California. We are contingent on the sale of our current property ( Which we have an over ask offer for.) The Triplex needs a new roof (which we have asked for a credit for) , two bath remodels, new flooring in one unit, and some other updating.  The roof could wait for up to two years.  There is also some minimal terminate damage that needs to be fixed.  

Triplex purchase price 1.1M

Procedes form current Property 218000  almost exactly 20%. Which would be our down.

We will be living in this property, but the unit we will live in will be 60 sqft smaller than our current living space. 

What we would pay out of pocket for mortgage would decrease by about $200.  

We like where we live know, but think this would be a good move for our future.   

I am very conflicted.

Any advice would be very appreciated.

Ken   

[Ken Cooper]

@David Varvaro You are right, you can not really compare the South Bay market to other parts of the country. 

We are buying it for a couple of reasons.  Our current place doesn't have much outdoor space, we would gain that with this property.  Schools are a big factor. We live in Playa Del Rey now, and the schools are horrible.  As you know the South Bay has great schools.  

I don't know that I would say that I am banking on appreciation, but more feel that in doing the updates and work need to the house that we can force some appreciation. Looking at the forces that are affecting this market, I do expect the property to continue to gain value.  

The property in West of Aviation, and South of MB Blvd.  

Thanks for your input,

Ken