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Updated about 6 years ago, 11/16/2018

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18
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0
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Alex Kouvatsos
  • Rockland County, NY
0
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18
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Fourplex with FHA in New York, should I increase my offer?

Alex Kouvatsos
  • Rockland County, NY
Posted

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? 

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