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Updated over 8 years ago,
Found my first property... opinions welcome
So i think i have found a really good first investment property.. ill provide all the details, please let me know what you think. Ran everything through the calculator and the numbers all seem really good to me. Will be doing a FHA 203k loan on a duplex, unit 1 is 1bed/1bath unit 2 is 2 bed/ 1 bath
Price: $140,000
Rehab: $30,000 Estimate
Mortgage: $170,000
ARV: estimated around $205,000
Taxes: 5,200 average for the area
Rent: unit 1 = $900 unit 2 = $1,100 - $1,200
Doing the Rehab does not bother me plus i think this could be the perfect BRRR property.
Unit 1 is currently rented out already and does not need any work
Unit 2 is the one that needs all the work, there is no kitchen and i wanted redo the bad and a few other things around the house
Will live in unit 2 for a few months before i try and rent it out as well and move on
missing anything? opinions welcome from anything, specially if you have done a 203k before