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Updated almost 6 years ago,
Just Bought a Duplex - Need Advice! =)
Hello!
I just got my offer accepted on a duplex in Columbus. I wanted to see if anyone could go over my numbers to confirm they are ok. Have to do a walk through to determine if anything needs work and condition. I will definitely be requesting credits if anything needs fixing as I cannot tweak the numbers anymore. Realtor has claimed turnkey ready so I will hold her to that otherwise I'm canceling.
Duplex
$100,0000 purchase price
25% down = $25,000
5.99% 30 year conventional 2 points (but trying to get them to reduce it to 1 point)
Insurance will be approx $120 (probably less like $110)
Property tax is currently $2300 a year but I put $2500 to be safe.
$30 month for landscaping but for 6 months of the year so comes to $15/mth
Lender said it will be $5316.45 (Title, lender costs $895, origination costs, title insurance $2150, appraisal costs, gov quoting costs), discount point $2271 so I will need approx $30,000 to close.
Currently, one unit is rented out at $600 and I will immediately send a 30 day notice to inform that rent will be increasing to $650 and they will be in charge of utilities.
Downstairs is vacant and I will try to get $700 but lets use $650 for more realistic calculation. Rentometer and my realtor have both stated rents are average $650 in the area.
My property manager will take half month for placement of new tenant.
By the hair of my chin I am getting $200. What does everyone think?