Foreclosure: Good deal or bad deal?

[Keri Browne]

Hi Everyone,

I'm wondering if anyone would consider this as a deal.

Small 2 Unit Multifamily for about 80k:

Unit 1 = 3 bedrooms/ 1 bathroom

Unit 2 = 2 bedrooms/1 bathroom

The area has been on a decline for a while now, and I'm wondering if this is a good deal or not. The max. I can charge for the 3 bdrm. is $800 and $650 for the 2 bdrm due to the extremely cheap cost of living. I have more than enough money for the down payment. I'm am concerned since other multifamily houses in the area have sold for less recently and I'm not sure the market will appreciate anytime soon. Also not too far away has a high crime rate and I'm concerned about attracting bad tenants or tenants not being able to afford the rent. The unit might also need a bit of work.

I did an estimated value of the duplex on multiple sites and the value was 99k.

What do you think?

I'm learning to recognize good or bad deals and would like to use this as an example.

Thanks!

[Account Closed]

Keri,

You talked me out of wanting to do it.