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Updated over 5 years ago,

Account Closed
5
Votes |
44
Posts

Need advice on this deal & contractor advice before i sign Philly

Account Closed
Posted

duplex in Philly price is 265k 2/2 and 1 bath each unit, unfinished basement. property tax 3k, current tenant been there 15 yrs paying 750 a month 2nd tenant month to month paying 850. there are only 2 duplexes in the whole area for about 1.5 miles in each way. the duplex next door (same building both connected) sold for 295k 10k over ask. it was the same layout same everything but has been rehabbed

market rent is 1100 to 1200 for 2beds, very safe area. the one I'm sending an offer too has not been updated is sold as in condition. it's not bad inside from what I see its more cosmetic work. with 10% down is 31k downpayment and 1553 a month, 15% down is 44.5k downpayment and 1486 a month. I'm using 135 for vacancy 125 for each repair and CAPEX. this is low because I plan on rehabbing the place as soon as my offer is accepted.

the place needs flooring, updated kitchen current rating is like 6 out of 10, bathroom same thing. bedrooms are huge.

i have around 65k to maybe 75k of total cash for everything. is 20k to 35k enough for rehabbing enough?

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