200k in cash, what to do

[Alison Lee]

My initial thoughts were to purchase an existing duplex or triplex. I looked at several, with one being a triplex about 30+ years old. It brought in $1,850 total per month and asking price was 180k. It needed a few updates totalling maybe 10k at most. Property taxes are fairly cheap on it and it's a one level building which I like. 

I don't want a bunch of rental properties, just enough to nicely supplement my other income. Would it be wiser to build a new duplex/triplex if I could possibly achieve it for 175k-225k?