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Updated over 8 years ago,
What would you offer on this duplex?
Hi all,
I am a new investor looking to buy a multifamily home. I am currently looking at a duplex to live in one unit and rent out the other. Can someone help me with the numbers on this property and possibly an offer? Pls excuse my ignorance...
Asking price $147,900
$830 estimated mortgage with 20% down
Rent has been $650/month but I may be able to get $750 with some (inexpensive) updates to the kitchen. Tenants pay their own utilities.
There are two problems I've suspected just from the showing. One unit seems to have an issue with mold in the crawl basement. The other unit smells heavily of Kilz spray which has been used to cover up previous pet odors, but I'm hoping this can be ventilated.
About the owner: He is 74 yrs old, wanting to retire... The listing has been up for 3 months and expiring in a couple weeks, so he may be motivated but not sure.
Any thoughts or suggestions are appreciated. Thank you in advance!