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Updated 3 months ago, 08/06/2024
What am I missing on this duplex in Buffalo, NY
I'm working on getting my first piece of property and am now looking in Buffalo, NY which is ~6 hour drive from where I live. The property is in a rough neighborhood, but after some repairs it should rent 1200 per unit for 2400 total. Cost to acquire is ~100k and I plan on spending an extra 15k on repairs.
Expenses: $1,225 (Mortgage, taxes, insurance property management)
Rent: $2400
Cash Flow: $1,175
Overall I'm looking for a low barrier to entry, and will be screening prospective tenants myself so I'm not too worried about the area being not so great. The neighborhood I'm looking in is a pretty rough, which is why homes are so cheap, but the opportunity is there to provide clean, safe, and affordable housing for a Section 8 voucher holder. In terms of exit strategy, I intend to keep the property long term.
Any and all advice is appreciated especially from folks in the WNY region.