Looking for Advice on Purchasing Two-Unit

[Cameron DePaola]

I am new to the world of real estate purchasing and investing and am looking for advice on purchasing a bank-owned property. It is a two-unit apartment house listed at $79,900 and the bank is offering to finance the property as well as $30,000 in repair money. The repair money is accurate in what it needs to fix up to be rentable. The structure is very solid with updated wiring, windows, and water heaters. It will need a new heat system and roof which is included in the repair money. I am wondering how to figure out a good purchase price so it will be profitable to rent or sell. Any advice would be greatly appreciated.

[Shawn Ackerman]

@Cameron DePaola any REI deal you purchase should past the 1% rule smell test. If you purchase for 80K and have to dumpt 30K into the property then the property should rent for a minimum of $1,100 per month. Based on other rentals in the area can you get $1,100 per month? I'd start there. Also you need to find the ARV for the property based on comps. You always want to buy at as deep a discount as possible. Hope this helps. Good luck man!