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Updated almost 5 years ago,
should I buy this rental
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?