First Duplex Purchase - need advice/review

[Chad Workizer]

Here are the details of the purchase.

Asking price 155,000 year built 2006
3/2/2 with 1250 sq ft each side
rent 650 each side -
last years taxes 1600
insurance I'm going to estimate around 600/yr

I have 20 percent to put down. I'm thinking if I can pick this up for 140,000. It will be a decent property. I called around and checked rental rates and low to average for a 3/2/2 duplex of that size. Rental environment in this area is decent with several small colleges and hospitals.

Any advice or thoughts would be appreciated.

[Steve Babiak]

Just say "NO" and "NEXT". Find a real deal. This one can't even meet the "1% rule", and most will tell you that at 1% you are lucky to break even at those low rents.