First time MFH

[Michael Conrad]

Hello,

I am a long time follower of BP. I am getting my first property and plan to use a buy and hold strategy. I was hoping some of you could take a look at some of my numbers and give any advice possible. I will owner occupy the property for the first year.

I am looking at a MFH 2 units, 2 bedrooms one bath each, in a C+ neighborhood. The asking price is $99,900 but I will offer 89,000 because a new HWH and some knob and tube wiring needs fixed up. The downstairs shower also needs attention and I estimate total repairs to be in the 10-12 k landmark. 

The tenants pay 600 and 650 monthly and with a few quick fixes I could rent out both units for 650 - 700. The garage is rented separate for 60 a month. 

Annual gross income in 15,600 on tax returns. 

Annual Tax is 1,849.

What do you think of this deal?