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Updated over 10 years ago on . Most recent reply

User Stats

30
Posts
6
Votes
Collette Douglas
  • Real Estate Agent
  • Newport, RI
6
Votes |
30
Posts

Potential first duplex deal? possible structural issues...

Collette Douglas
  • Real Estate Agent
  • Newport, RI
Posted

Hi all! I just noticed a new MLS listing for a duplex, each unit is a 2/1. One is vacant (rents 575) the other is occupied at 475. I am getting the estimated repair value for what the agent has dubbed "structural issues." Currently listed for $79,900. This seems like a great price for our area. I would want this property to occupy the larger of the two units (the unrented) while we repaired it and eventually the other, I'm guessing. I would hope to make stylish upgrades and increase the rental value. The current rental rates for these units are low compared to what I have seen in this area. It is in a prime location close to downtown and the military base, making it a great rental opportunity. We are military and would move within the next 2 years and likely continue pursuing buy and hold rental properties if our financing options allow. My questions are: what kind of offer would be considered smart, especially considering the mortgage would likely be paid for just by the other unit while we occupied one? How scared should I be by "structural issues," especially since it is still occupied? Tenants currently pay gas and electric and taxes were $670. I would need to look into some financing other than the VA loan as we are using it for the mortgage on our current home. Suggestions? Thanks all!

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