deal analysis help southern NH

[Drew Cameron]

My mom is getting old and without my help won't be able to retire on her own. She is working from home and unhappy with current conditions. Here are the numbers: she owes 90K left on her house mortgage is 1050/monthly. Market rent for a 4/2 in her neighborhood is 2500/monthly. The house needs about 50K rehab to get to market conditions including full 2 bath remodels, all new kitchen appliances and cabinets, new flooring the entire second floor, and a bunch of landscaping work. The house is 1800 sq feet and would sell for about 315K.

I'm thinking I can do the majority of the easy stuff while I'm out of work and get the rehab budget closer to 30K. I recently got hired as a loan officer and will be licensed shortly to handle a refi for the rehab budget. The original plan was to keep and rent it out while getting her into a duplex. Now I'm thinking maybe walking with close to 100K and buying 2 multifamily homes might be a better option for her to retire soon. This is in southern NH where the market is pretty expensive so 100K doesn't go very far. My mother makes roughly 45K a year so I don't think she can handle two loans at once without a cosigner and I have no income at the moment. Thoughts?