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Updated almost 5 years ago,

User Stats

5
Posts
1
Votes
Zoey Inda
1
Votes |
5
Posts

should I buy this rental

Zoey Inda
Posted

I co-own a rental property with family. It's a single family home with 2 rooms, 1 bath in Grants Pass Oregon that rents for $1225/month. I am 1/3 owner of the property.  One of the other 1/3 owners is willing to sell his 1/3 for $54,000.  I'm trying to figure out whether to buy in light of the income stream.  Would this be worthwhile to buy the 1/3 share?  Zillow says the house is worth $220,000, so the $54,000 is already potentially below what the market would pay.  I would only get 1/3 more on the rent going forward if I buy the share.  The house is paid off and expenses are $1600/year taxes + $439/year insurance + 80/month property manager + maintenance, so that would need to be deducted from rental proceeds.   Should I buy the extra 1/3 share at $54,000?  If not, what should I offer to make it profitable, but still a reasonable offer?  

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