Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Duplex Decision in Kentucky near Fort Knox
Each side has 3/2 with 1 car garage and unfinished basement. Units are 1200 sq ft. Rents are $700 each side. Both units are occupied. Renters pay all utilities. Neighborhood is B-/C+. There are only multifamily properties on this street. It seems as if the rents are maxed out, and could not be increased much without owning all 20+ units on the street. Asking price is $130K, but this is high considering age (built in 1991), location, repairs needed, and the other properties around it. One unit will definitely need carpet and minor drywall. The basements/garages are tiny (600 sq ft) and only a small car would fit. This property barely meets the 1% rule, but this is common in this area. Assuming a selling price of $120K and 20% down, monthly cashflow would be $222.76/month. I have some experience with single family, but wanting to get into multi family. In this area it seems sellers want a premium for occupied properties. What are your thoughts?