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Updated over 7 years ago,
How does this duplex deal sound?
Good Day to All,
My name is Tate and I currently reside in Corpus Christi, TX. This is my second time posting on BP. My wife and I are getting ready to purchase a duplex. Side A is 3/2.5 and side B is 2/2. There is a carport on the back of the property with four spaces. I am inquiring to see if this is a good deal. Below are the details.
Side A rents for $1475 (VACANT). Side B rents for $1000 (OCCUPIED). Purchase price will be $210,000 with the seller paying up to $5,000 in closing costs. Closing costs are looking to be about $5,000.
Our loan will be 20% down at 5.25% for 30 years. P&I=905.61. Insurance=~$140. Taxes=$343.91.
Both units are in good shape (no repairs, maybe paint, but not required) and are separately metered for water and electric. Side B tenant moved in last week on a 1 year lease. The plan is to meet up with the seller in the near future and write up a contract. Once the contract is written, we will order inspections and re-negotiate price if needed based on repairs. For those who know about South Texas, the property is windstorm certified.
Based on the numbers, would you purchase this property? Thanks for you input.