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Is this 2/1 duplex a good buy?
Good day to all. I am new to real estate investing and even newer to bigger pockets, so I am not even sure this post will end up where it should. The wife and I are about to purchase a 2/1 duplex in Corpus Christi, TX. The purchase price will be $85,000. We have already been pre-approved for up to $100,000. We will be required to put 25% down and the interest rate for the loan will be at 4.625% over a 30 year period. The taxes on the property are $2,600 per year. I am assuming $1,500 per year for insurance (calling about that tomorrow!) After purchase, we will rehab both units for $7,500 each ($15,000 total). I am assuming $5,000 in closing costs. Both units will be vacant at the time of purchase, as the seller did not renew a lease agreement with current tenants and they will be vacating. The anticipated rent for each unit is anywhere from $850-$1,100 per month ($1,700-$2,200) based on a Craig's List Comp Search (Thanks Bigger Pockets Podcast #40). I am basing my numbers off of $850 per unit per month. I am confident we will get $925 per unit per month, but to stay conservative we have chosen to go with the $850 per month per unit. Does this sound like a good deal? Is there anything I have not considered? Thank you for your time. Have a blessed one.