2 properties, new to REI, need advice.

[Justin D.]

Hello,

I'm new to REI, a month ago I wouldn't even know what REI stood for... I am looking at two properties, in the same area.

Duplex:
Listed 67k
2 BR UPR 425, includes washer, dryer, stove and ref
3 BR LWR 675 includes stove, dish, ref
Rent $1100

New roof '10, boiler and baseboard heaters '09. All electric rewired in base, (ties into old going up) breakers installed in 2nd unit, wireless smoke det, water tank '10, plumbing '08 (copper with galv) carpet '08, most major work done, quite a few of little things need work, owner is doing that now.

Taxes $2500
Ins ?
water ?
Tenants pay electric and gas.
loan would be about $250/mo 45k @ 5.75, 30yr, 3k closing

6 unit:
4 2 BR $650/ea
2 studio $450/ea

2010 figures
3500 rents
5768 taxes
1500 ins
2244 heat
3600 electric
1500 water
1218 total monthly

All brick 3 story, no landscaping, new furnance and half roof done in '05, all kitchen and bathroom remodeled, new windows, flooring, entry doors, carpets, coin laundry, stoves, refs, and smokes done in '06
appriased 165k in '07, asking price 172k rents include utils, looks to be turn key, fully rented, no work needed, inspection tomorrow 3/19/11, i know it has older BX wiring and asbestos wrap around the heat vents between walls

I can get a comm loan. for 6% @ 25yr, with .25 $921/mo

Thanks for your time,

Justin