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Updated 3 months ago, 08/06/2024

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Andrew Jaquez
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What am I missing on this duplex in Buffalo, NY

Andrew Jaquez
Posted

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. 

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