Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
11y
Not sure what you're asking us to evaluate.
You didn't give us the market rents for the units.
You didn't tell us what fair market value on the property was.
You didn't tell us whether there were split utilities on the property.
You didn't tell us what sort of financing you had lined up or how big of a down payment you were planning to make.
You didn't tell us your goals for the property.
Without this info how are we supposed to evaluate the purchase? Are you buying equity? Beats me! is the property going to cash flow? Beats me! All I know is they're asking $250k cash and the property taxes are outrageous.
My gut feel is that there is no way in hell this is a deal but I'm not sure. I'm guessing it will rent for about 1% of purchase price but given that about 33% of your gross rents are going to go towards paying taxes the property won't cash flow.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
11y
Is it a legal duplex, or not? Doesn't seem to be, so that probably kills it right there. I only see one kitchen? Google online mortgage calculators, at 4 3/8%, P and I is exactly 1/2% of loan amount per month.
Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
11y
Not sure what you're asking us to evaluate.
You didn't give us the market rents for the units.
You didn't tell us what fair market value on the property was.
You didn't tell us whether there were split utilities on the property.
You didn't tell us what sort of financing you had lined up or how big of a down payment you were planning to make.
You didn't tell us your goals for the property.
Without this info how are we supposed to evaluate the purchase? Are you buying equity? Beats me! is the property going to cash flow? Beats me! All I know is they're asking $250k cash and the property taxes are outrageous.
My gut feel is that there is no way in hell this is a deal but I'm not sure. I'm guessing it will rent for about 1% of purchase price but given that about 33% of your gross rents are going to go towards paying taxes the property won't cash flow.
Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes
11y
Thanks guys for your replies!
The assignor is looking for an end buyer, this is all the information given. I wholesale (never came across short sale yet) so if it would be anything I would bring an investor to the table. I also felt there must be more to it and Nathan gave a great hand assisting.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
11y
It not being a legal 2-family and a short sale would make me pass on this one. The short sale process alone can take months and months. Good to learn and do research for the future, but the lack of information like @Nathan Emmert points out would severely limit my expectations of this working out.