First Investment Property

[Ryan M.]

Hey everyone, 

Long time lurker, first time poster. I have finally found a solid deal with a great investment partner. The deal is for a duplex in Miami,FL (Specifically in Little Havana). The seller is looking to let go over the property for $475,000 which based on the comps, seems in line if not a little cheaper than the comps. Currently both units are rented at $1,600. One tenant is leaving in November and the other is currently month to month. During this down time, i was thinking of taking advantage to spend the $50k in capital towards fixing up both units as they are in dire need of an update (Kitchen, Floors, Bathrooms, Etc.). Anyone specialize in the little havana area and know if this deal is worth pursuing or not? Numbers make sense for me even though the property is not the deal of all deals but its sufficient so long as i can obtain the rents im looking for.