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Updated over 10 years ago,
Need some first deal advice ASAP!
I would like some input on a duplex I am looking it. It looks like it could be pretty good, but the caveat is I have very little room for negotiation it seems, and it's a little more than I wanted to spend on my first property.
3 bed, 3 bath units, two car garages, ~1400 sq ft with a giant unfinished basement. Units are 9 years old and are in very good condition.
Asking price: $219K
Taxes: $5600
Insurance: $1500 ish
Tenants handle lawn care and pay all utilities themselves.
Both sides are rented for $1150 each. One is a single 53 yr old woman with no pets who travels a lot. The other is a couple with one kid (15 yrs old). Great neighborhood and school district. A sort of up and coming area, if you will.
The property has been on the market 9 days and has seen a lot of activity. Someone even threw them a cash offer and they rejected, so I assume they low balled it. I have asked the realtor to get me some comparable sales in the area. I think 220K is inline with the area though.
Based on the information I know, I don't see them dropping their price much, if any. I always read, "money is made when you purchase the house". So, I am hesitant to buy and feel ripped off. But it seems like these would be great units. It's at the tippity top of my price range however. It would be about $55K cash when it's all said and done.