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Updated almost 9 years ago,
Looking at my first deal! Any advice?
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