Second opinion on duplex. Worth it or not?

[Ben D.]

Hello everybody,

I'm having a bit of a hard time figuring out how to quickly filter properties that are worth it vs ones that are not. What's the best approach to doing that without seeing the property, and just performing the initial evaluation by looking at listing and photos? At least to narrow a big list down to properties that are worth visiting in person. Is it mostly looking at comps?

I've listened to a number of Brandon's podcasts about using the excel spreadsheet but any pointers before you get to that point?

To give you an example, I've been keeping an eye out for duplexes, triplexes or quads with at least 1 unit having 3 bedrooms 2.5 baths, or even 1.5 baths with the intention of adding a second bath. However, they've been harder to come by than I thought. 

Is this 2 bedroom per unit duplex worth pursuing you think? According to my REA it's in a nice neighborhood. 

Here is some additional information:

SQ FT: 1,800
Sale price: $260k
Year built: 1980
Taxes: About $3,500
Gross income: $20k/year
Rent multiplier: 12
Operating Expense: $10k/year
Net income: $11k
Parking: 2 car garage

Rents include water/sewer/garbage/landscaping and according to the REA it's been well maintained and always rented. It has been on the market for about 2 months now.

Thoughts?

Thank you!

-Ben