Under market value Duplex in FL

[Leviticus R.]

Hello BP members,

I need help

I have been looking for a property to start my real estate career.

I have located a Duplex in Central FL for under 100k. Its currently occupied.

Estimated rehab is 20k cosmetic (I can do most of the rehab myself, the actual number is closer to 12k)

My goal is to owner occupy 1 side and rent the other side out.

Current rents

3bed-1bath-900mo
2bed-1bath-750/mo

Total 1650.00/mo

After rehab
3bed-1bath$1150

2bed-1bath $850

Total 2k/mo

Other duplexes in the area has sold for 100k+

The estimated ARV 119k-125k

Anymore advice much needed

*I pulled the comps for other duplexes in the area to get the figures for currents rents/price sold

https://www.biggerpockets.com/...

[Michael Goldsmith]

Two things jump out at me from your report.  1) Your tenants should be paying their own utilities.  2) If you're owner occupying, you're not getting half of that rent you're projecting for the first year, at least, as long as you stay there, which you didnt take into account.  That's going to knock down your cash flow quite a bit for a while.