Finally got my first deal going... Take a look

[Byron Scott]

I finally got a deal! I'm in the process of completing my first deal. It is a duplex. I'm doing a fha 203k loan. I'm going to live in one side and rent the other out. I want to get some thoughts from others. Purchase price is 63k. In rehab I want to stay below 80k. I'm turning a duplex with 2/1 and 1/1 into two 2 bed 1 and 1/2 baths. They are popular in my area and rent for 800-900. I am a newbie and need as much correction as possible. I put my numbers below. Let me know what you all think. Thanks!

[Theresa Harris]

You didn't add a down payment to the second option.  Another consideration if you are moving into the unit, is how much you are currently paying for rent.  While you are living there your rental income will be less, but you can take a bit more time renovating your side and I'll bet what you pay now is much higher than 800-900 minus the money from the other unit.  Another option is renovate the side you are in first (assuming the other side is already rented) and when the renos are done and the other half is vacant, move to that side and repeat. With the newly renovated side, you'd be able to get more for rent.