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Updated over 1 year ago,
Duplex with detached garage
Hello, Biggerpockets!
Advice needed to purchase a multi-family property. Appreciate your help!
I found a duplex with 3/2 (1 bedroom unpermitted) and 2/2 (can add another bedroom as one bedroom is huge). With detached 2 car garage (possible ADU, per city, eligible to be converted, how much does it usually cost?)
I plan to live in one and rent the other as I am currently renting for $2350.
Price of home is 745k in a C+ neighborhood.
Rents for 2/2 (built in 1950s) is about 2300+
3/2 (built 1910’s) 2800+
with 10% down and 40k for renovation.
Monthly mortgage: $4745.77.
Tenant pays for everything except for water and trash.
Planning to have property management.
Is it worth it to purchase this property? It’s not in the safest part of town but I’m thinking cctv and security may help.
Would it be smart to purchase this or wait for a SFR with garage in a better neighborhood and house hack?
Thank you!