Possible Second Purchase for a Triplex

[Corey W.]

Hey everyone!

I'm looking at my potential second purchase. I found out right in time that my neighbor would like to sell their property, as of the moment it would be an off market deal.

Just looking for input on if I should proceed forward in pursuing the property.

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Asking Price $350,000

Built: 1912

Rents: under-market at

1BD 1B $800

2BD 1B $1000

2BD 1B $1050

Potential rents are $1000 for the 1bd and $1350-$1600 for the 2bd's. Higher end rent would require some repairs and rehab.

Capex $285

Maintenance $285

Vacancy $190

Insurance $110

Water & Sewer $85

Taxes $1042 ($12,500 per year)

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Structure of the property is in decent condition, no current leaks or issues found.

Two leases are month to month as of this month, the one bedroom has a lease until august.

Gas, heat, and electricity are all paid by the tenants individually. Garbage service is included with the taxes.

Mortgage would be required and the seller is open to holding a small portion of the note.

Similar properties in the area or even duplexes have sold for $390k to $450k.

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If any other info needed, just let me know. Thanks