Duplex in Georgia Advice

[Paul Smythe]

I am negotiating a purchase for a duplex in Georgia and was hoping to get advice from others who have invested in duplexes before. The basic numbers are the following:

115k total purchase price (including all costs)

~$4k down (FHA Loan)

~$525/month loan

$750/month per unit (one unit is occupied)

I will be living in the other unit as my primary residence, so my income before maintenance is ~$125. Because I would be living in a unit I essentially won't have to pay a mortgage, so the slim margin will be fine for my purposes.

Obviously I don't expect any in-depth advice based on my property because I haven't  given much info on the area or building itself. What I will say is it is in an area that appears to be on the way up so I would expect appreciation.

If you saw these numbers, is this something you would pursue further? I have the income to cover the loan if the tenant moves out. 

[Anna Watkins]

IMHO -- if it's truly in East Atlanta (as in EAV at Flat Shoals & Glenwood) and in a condition you can stand to live in yourself, go for it.  The other side will pay the mortgage, so every month save what you would have paid otherwise in rent, and you'll have a great nest egg for renovation, or for your next investment.  Congratulations -- a duplex at that price in that area sounds pretty good.