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Updated over 5 years ago,
315k for a duplex? Just want some feedback friends
Okay so I have a property that caught my eye and I'm a little stumped. They are asking 315k, it's a duplex in a class A neighborhood with 3-1 and 4-1 units (bed-bath) the units are rent ready, I just saw one of them today the other one I see Monday. The total rent for the property is 1400 for the 4 bed and 1200 for the 3. I was going to use an FHA loan and move in to the 3 bed with two friends and rent the other side out. At first the numbers worked, but now i'm leaning towards that being too expensive for a duplex just not enough rental income. Living in one unit and renting the other unit I would be taking in 2500. I am investing in the lower east side of Milwaukee, prime real estate that just seems still expensive...I might be negative cash-flow after I move out, but that area is only going to go up in value. Any help would be appreciated. Thanks guys!