First deal: duplex, 3 bed, 1.5 bath per side in Wisconsin

[Adam Jeske]

Alright, stuff is getting real...

Just outside Madison, WI (good job market with big university, government, and growth, low vacancy), in a small town that has vacancy of under 2% and fantastic schools. My kids are in this district, and I think it's going to stay strong, with both rental and price appreciation for several years, at least.

Not many multi-family properties in the town.

The deal is 215K for a 3 bed, 1.5 bath duplex, with one half just renovated like new. There is no garage and no basement, but lots of good closet space and a laundry/utility room with some storage. There's no garage, which is a bummer in Wisconsin, but also not that uncommon. It has a nice yard and backs to a park. Central air. Not sure about the age of the AC but the water heater (gas) and the furnace (gas) are old--1994.

The owners inherited it and want to move it. It just went on the market, but their agent says they have a lot of interest.

Asking price is 215K. I'm expecting 220K after closing costs and a bit of renovation on the side that's not been done.

The unrenovated identical duplex next door rents for 900, but that also has a 1-car garage.

There's an open house today.

I should not have a problem with the down payment and the financing. I'm happy with the return, and this feels like a safe way to start my portfolio.

Thoughts? What else do you need to know?

Thanks!