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Updated over 5 years ago,

User Stats

33
Posts
9
Votes
Preston Humbard
  • Toa Baja, Puerto Rico
9
Votes |
33
Posts

Need help Analyzing

Preston Humbard
  • Toa Baja, Puerto Rico
Posted

So my wife and I are not he search for our next property (currently have 1 so very new to this.) I would love some help analyzing a deal for a Duplex i found through craigslist add.

House is a duplex 1800SQFT. Upstairs is a 2/1 currently rented for $510. Tenant has been there for 11 years. Downstairs is a 1/1 tenant is paying $620 has been there 10 years.According to current landlord reason person downstairs is paying more is for full use of the garage (detached 2 car) and has brother sleeping on couch. Red Flag I know! These rents are definitely under market for the area. 

Owner owns the property out right and is asking $99,000

Similar size and set up Duplex Next door currently for sale at $170,000

If bought would most likely raise rents at least $50 a month if not possibly more to get rid of potential problem tenant in the downstairs unit.

I have about $15K cash for the deal. I feel like this is a good opportunity for potential owner finance option. Current owner is looking to get rid of all her rentals and is close to retirement. I am not exactly sure how to run the numbers for owner finance yet so that is Win-Win for both parties. 

Owner did state property could use some minor TLC if/when current tenants move out.

Thank You in advance for any advice/help!

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