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Updated over 8 years ago,
Advice please! Buying a rental property!
Hey folks,
I am under contract for a triplex in West Palm Beach, FL. We are in a charming, historic neighborhood two blocks from the beach (intercoastal waterway.) Three units are fully rented for
$2700 a month total.
Purchase price is $255,000
We are putting 25% down so $63,750 investment. With closing costs $73,750 investment.
Roof needs $3500 repairs, electrical $7,000 and tenting for termites $1100.
Now - none of the above repairs needs to be done TODAY. But at some point will need to be addressed.
Monthly PITI will be around $1300 - $1500.
I ask --- IS THIS IS A GOOD DEAL?? SHOULD WE BUY??