Is this a good deal as first time homebuyers? Any advice?

[Petya Toncheva]

Hello everyone on BP.

We are seeking our first real estate investment. It is a two family home that is owned by the cities Housing Authority. It is a two family duplex with three bedrooms one, bath in each apartment. Property record show that the city had it appraised in 2019 at 458K, the asking price as of right now is 599K. It is in a C class neighborhood.

Is this a good deal?Has anyone had experience buying property from the city? Any advice or tips would be very helpful. thanks in advance.

[Jaron Walling]

@Petya Toncheva In my market the city sells distressed properties just like that for $15K. Fun facts. 

What's the property condition? What are the numbers showing you? Any value add with rehab? What's your exit strategy for the property?

These questions will help steer you in the right direction and away from a terrible deal.