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Updated over 8 years ago, 07/27/2016
How's this deal look?
My wife and I are looking at a 3 unit, fully-rented house in a suburban neighborhood 20 mins from downtown. The house has been completely renovated (completed in Feb/March 2016) and seems to be turn-key. It was investor owned and he is liquidating several properties at the moment.
Here are the stats:
- 3 Units, 2 - 2BR/1BA, 1 - 1BR/1BA, All with separate meters and entrances
- Unfinished basement
- Purchase price = $162,000
- Gross monthly rent = $2,600
- Property Taxes = $4,279
- Tax assessed value = $184,000 (assessed in 2016)
This would be our first investment property.
What do you think? Good deal? Any reason to not move forward?
Thanks for the assist!