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Updated about 9 years ago,

User Stats

10
Posts
2
Votes
Rick R.
  • Richardson, TX
2
Votes |
10
Posts

New investor advice on Rental property

Rick R.
  • Richardson, TX
Posted

Hi

I am planning to submit an offer on a rental property in B/C area in a small city close to Dallas Metroplex. Below are the details and can you please advice me, if this is something worth pursuing. 

Sale price : $210k (Duplex built in 2005 and 2 open lots  of 6000 sqft next to the Duplex)

Repairs : $15,000 (Foundation issues, replace carpet with tiles, kitchen upgrades etc)

Rents : $2000/month (each duplex unit rents for $1000/month) : $24000/year. Tenants pay all utilities

Maintenance (10%) : $2400

Property management (10%) : $2400

Vacancy (10%) : $2400

Taxes & Insurance: $8000

Down payment (25%) and rest conventional financing.

Rents can be increased by ~10%. There is little cash flow after mortgage payments. The two open lots will allow to built two more SFH/Duplex units. Until I decide to built on these lots, the rents from Duplex should be able to sustain it.

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