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Updated almost 4 years ago,
New investor, unsure of a deal
Hey! I'm looking into buying a duplex so that my husband (who works in different city than me) can house hack it, but I'm not sure if the numbers work or not longterm. Its 3 bedroom, 2 bath duplex (sq ft 1416) in an upcoming area. Fully renovated already (upwards of 90k) so its turnkey. Asking price is $190,000. Unit 1 rent is $850 (2 bedroom, 1 bath) and Unit 2 is $750 (1 bedroom, 1 bath). There is some room to go up in the rents. Taxes is $2039 and insurance is 2498.00. The seller is motivated to move as he is another investor looking to buy a bigger property.
Right now I feel like the margins are a little close, but that could be just because I'm a new investor and I'm nervous about jumping into a bad deal. My husband and I do qualify for a FHA loan as an FYI.
What do you guys think of this deal? Thank you in advance!