First Rental Property Analysis!

[Jaron Smith]

Hey everyone,

My name is Jaron, I'm from Ohio, I've been wanting to start investing in rentals for a while now but I am just now actively seeking to find my first property. For now I live at home with my parents so I am looking to get a duplex or triplex to move into, live in it for a year and then buy another, repeating this until I am able to live through my rental income.. Then I want to start flipping houses as my "job" and go from there! :)

I need help analyzing this deal, This deal is a Triplex house that says it has "two unfinished studio apartments in the basement" so its potentially a 5 unit house!

The asking price is 118,000 but I'm hoping to get them closer to a purchase price of 90k..

Please let me know what you think I cant wait to see some responses and start this journey!

I should note that I would intend on finishing the two potential studio apartments in the basement which would raise my cashflow by about $1200 if I'm not mistaken!

Thank you so much for any advice you're willing to offer me!

Jaron

[Thomas S.]

It will depend on whether the studio apartments are legal or not. If they are not legal they add no value to the property and can not be rented.