Updated almost 15 years ago on . Most recent reply
Is this a good deal?
Duplex, approximately 1200 square feet per side. 3 Bedroom, 1 Bath per side. In average condition.
Asking Price is 65,000. Owner still owes 50,000 on mortgage, 25 years left @ 6%. I offered to possibly take over their mortgage and pay the difference (15,000).
Both sides renting for 1,000 Total.
Mortgage Payment is 400.
Insurance is 100.
Homeowners is High-almost 100. (Wood Stove Heat on one side.)
From what I can tell it cash flows 400 and is not in need of immediate repairs.