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Updated about 6 years ago, 11/16/2018
Fourplex with FHA in New York, should I increase my offer?
I put in an offer for a Fourplex in Orange County, NY (Upstate NY).
Sell price $300,000, Taxes $8900, Rents are $950, $950, $750, I would occupy the 4th unit ($950)
Utilities are separate.. no idea what the costs are. Seller's agent gave me a proforma which is not accurate. Floors are sagging hard.. will definitely need to add joists. Empty unit needs some renovation.
I offered $305,000 with FHA.. The agent said he is considering all offers but leaning towards an all cash offer for this property and another one he has.
Should I up my offer? I feel like the numbers are already not great, and it's not in an appreciating area by any means, it's a small town. Middletown, Goshen, Newburgh, area. It's my first deal and I'm just anxious to get in.
Any advice?