Need help calculating Deal

[Tommy Anderson]

Hello, this is my first post and I am "stuck" emotionally on making an offer and wanted some thoughtful imput from the forums.

My deal is located in an up and coming area 30 minutes from Charlotte,NC.  Its a all brick duplex 1bed 1bath per unit that has been boarded up and the investor is out of state and taking offers.

He is asking 40k and willing to finance 10%apr.

The properties once rented for 375 each side but they are trashe units and the windows will need glass but the house is very solid built in 1940's . It has 22 windows and a roof that will need to be replaced in a year or so and I have calculated the repais costs to equal aroung 24k.  The tax value is 92k with an arv of around 115k since the next building is the exact duplex renting for 596 each side.

Also, the dining room could potentialy be made into a bedroom by adding a wall thus making it 2br and 1 bath per unit.

The "minumim" repairs to be able to get one unit rented at 375 or 400 again will be around 5k after the purchase of the property to replace windows/repaint and some maintenance.

If I bought this unit for 40k and 5k to repair 1 unit the numbers are not great but the potential for this property is incredible.

I live 50 minutes away and can do most of the repairs minus the roof and windows but am stretched thin.  I could come up with 35k in CASH that i have but that leaves me with nothing and kids :(  

Any input on this situation would be GREATLY appreciated.

Thanks guys

-Tommy

photos

https://drive.google.com/drive/folders/1pTbFK0aLvu...

https://www.biggerpockets.com/buy_and_hold_results/1044670