Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago,

Account Closed
  • New York
2
Votes |
6
Posts

Need some first deal advice ASAP!

Account Closed
  • New York
Posted

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.

Loading replies...