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Updated over 7 years ago on .

User Stats

57
Posts
37
Votes
Chibuzor Alumba
  • Winnipeg, Manitoba
37
Votes |
57
Posts

Should I take this deal on a fixer-upper duplex?

Chibuzor Alumba
  • Winnipeg, Manitoba
Posted

Hi everyone,

I analyzed the deal below and found out that if I had a property manager, accounted for other expenses, and put in an extra $20,000 for rehab costs, I will cashflow $270/month. 

Additionally, this property is close to the airport so there is a lot of potential to turn it into an airbnb hub, leading to more cashflow and of course, more management/cleaning time.

Long story short, would you take a deal with these parameters:

- Asking price $165,000 (pre-MLS price)

- Duplex consists of: 1 bedroom main floor and basement unit & 1 bedroom upstairs unit

- Total rent: $1600/month (tenants pay utilities)

Addendum: I just bought my first property with 11% down (before I found BP), so any suggestions (or links to forum posts/blog posts/podcasts) on creative ways to finance this deal, please let me know.

Thanks BP community.