Boise triplex--yay or nay?

[Kelly A.]

Property: Triplex in Boise, the Bench neighborhood. Neighborhood is up and coming, mostly modest SFH but some are being torn down to make room for duplexes. Centrally located.

Two 2BR/1BA, one 1BR/1BA converted garage. Layout is funky but the unit is reasonably pleasant.

List price: 220,00. Units are rough and need rehabbing.

Offered 200,000, and we are in contract.

Biggest inspection issues were mold and foundation, which was affecting the roof, and a hoarder tenant 

Brought out a structural engineer; foundation and drainage issues $6,500-8,000. New roof, which remediate the mold issue, $8,500.

Countered seller with: fixing foundation issues, splitting roof cost, evicting hoarder.

Seller in turn countered with $8,000 credit, to use as we see fit.

Rents are below market and there's room to raise them even before rehabbing the units.

Tear me apart. Thanks!

Rent: $21540

Annual repairs (not including the rehab costs for the units): $1000

Garbage, water, sewer: $1860

Insurance: $780

Property taxes: $2880

Management: $1720

$50k down, 4.5% interest rate

[Steve Allen]

@Kelly A.

Feel free to contact me privately regarding this property.

83705 is a very interesting zip!