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Updated over 14 years ago on . Most recent reply
New Investor - Opinions on first deal!
Hi, i'm new to real estate investing. I just wanted to get your thoughts on a accepted offer for a bank owned concrete block duplex.
Both units are 2/1 and 840sf.
List Price: 79.9k
Accepted offer price: 72.5k
Going rent for other 2/1 duplexes in same area: 700 - 880 (1400 - 1760 both units rented)
Comps from 2010 all within .5 miles:
Duplex 1 - 50K (total rehab and sink hole prop)
Duplex 2 - 152k
Duplex 3 - 145k
Single Family comps in same neighborhood for 2010 average 146.4k
Duplex needs new carpet (or whatever kind of flooring i would like to put in), paint, a couple interior doors and a few cosmetics to be rentable. Roof may need to be replaced within 10 years. Realtor said the house was available for FHA financing (i'm going the conventional loan route with 25% down).
I would like to hear your thoughts on this property.