I offered 39,000. What do you think of area?

[Nigel Ford]

     I just offered 39,000 with owner finance on this duplex (7517 Mettetal st Detroit, MI). The cashflow looks good I think it would work even at the asking price of 49,900, They are offering owner finance at 7% amortized over 10 years with 10,000 down. What do you think about the area and appreciation there? I made it contingent on inspection and title documents. Is this a newbie mistake?      

I appreciate your input in advance, Nigel

[Keyonte Summers]

Originally posted by @Nigel Ford:

     I just offered 39,000 with owner finance on this duplex (7517 Mettetal st Detroit, MI). The cashflow looks good I think it would work even at the asking price of 49,900, They are offering owner finance at 7% amortized over 10 years with 10,000 down. What do you think about the area and appreciation there? I made it contingent on inspection and title documents. Is this a newbie mistake?      

I appreciate your input in advance, Nigel

   I had my realtor send me the info a few days ago on this property and I had planned on acquiring it. So you might have some competition but waiting on my other two properties to close. I am not 100% sure about the area but it looks like a decent deal if both units are occupied. Word of the wise for a newbie never put the address until you closed you never know what might happen and I now know how to beat your deal. Not saying I am but run it through the calculator to get a better idea.