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Updated almost 5 years ago,
225k for three duplexes
Here's the situation: I can buy three duplexes for a total of 225k. The rent roll is small @ $375/door or $2,250 total per month. Property taxes would be roughly 2k per year, maybe $2500 at most.
They are 40 years old and two of the three need a new roof. The seller said he would actually put these roofs on for me if I decided to buy them...meaning it would be included in the 225k. They are all full and typically have a waiting list according to him. Seller is 70 and wants to sell because of health/age.
I feel like they need to be $450/door. He already stated to the renters that it is going up to $400/door upon new roof being put on. They are in average to above average shape. I walked them the other day and they're not dumps be any stretch.
Thoughts???