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Updated over 5 years ago,
Newbie Investor: tempted to pull the trigger on this
Hello. I recently came a cross a duplex (list price $229,000) currently rented (1st: $1000, 2nd: $1100). Owner says they'd consider owner financing, however, during my walk through one of the apartments had what looks like black mold around every vent. The deal is As-is condition. Both are two bedrooms 1 bath units.
Numbers i put together was $5,000 down with $215000 owner financing (rate TBD). The numbers and rates I used give me a $250 - $350 cash flow positive per month. I was alright with these numbers until I saw the mold.
Anyone have any thoughts around this type of mold issue? Looking around 5 vents in the unit all with black mold around them.
Appreciate any feedback. This would be my first deal.