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Updated about 9 years ago on . Most recent reply

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Pat Belmer
  • Retail automotive management
  • Owosso, MI
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Looking at my first deal! Any advice?

Pat Belmer
  • Retail automotive management
  • Owosso, MI
Posted

Looking at my first deal.  Seller is former broker selling in my opinion a great property.   Rural duplex w/3 bedrooms 1.5 bath 2 car garage each.  Built in 1960.  Asking 129900.     Appraised a year ago at 130k before new windows were added to one unit   I've already offered 115k.   They countered at $125k.    Taxes are $3000.  Association fees 225/yr.    one side is rented at $650.   Other side typically rents at $750.   Unit is vacant now    Rents are low in my opinion but tenants are responsible for lawn and snow removal as well as all utilities.    I have conventional financing lined up and down payment ready.    Vacant unit could be rented as is with minimal work or kitchen upgraded and get more rent.   Figuring $300/mo for vacancy & repairs this looks like a property worth trying.   Property is not in typical area for a duplex and even has access to a small 40 acres lake which hasn't even been offered to tenants before.     Any advice is greatly appreciated 

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