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   

[David Varvaro]

Hi Ken, I work with investors in the South Bay and as I'm sure you are aware of you are paying for the dirt in Redondo Beach, Hermosa Beach, and Manhattan Beach so you can't really compare the numbers compared to other areas, especially other parts of the country. 

With that said, it really depends on what your goal is with this property. Are you buying it because you are banking on appreciation and will use the equity to buy more properties in a few years? What's the strategy behind purchasing this property and selling your current one? 

What part of RB is it in?