I completely messed up my first post. Hopefully this one works. First off thanks for reading this and taking the time out of your day. I originally wrote this very very long detailed post. But accidentally lost it by clicking the home button...
So I'm going to try to write this one quickly.
Current situation: Paying $1500 a month rent. Tired of paying someone else mortgage. Want to invest in a rental property since I may not be here in this city for 3+ years due to my wife pursuing a new career soon after school. Originally a single family home was the target. But my budget of 100k to 250k left me looking in transitional areas since I would prefer to stay on the lower end of my budget. I wouldn't have an issue with this, but I work some very very long shifts as a nurse sometimes 20+ hours if I'm on call and don't feel safe leaving my wife home alone. The other reason I don't like the SFH investment is the mortgage I would be responsible for. So I've shifted my focus to multi family properties. Which is where I found a duplex I am very interested in.
The Property: Two Story duplex 1250 sqft 2/1.5 per unit. Built in 1985. HVAC/furnace 5 years old on one side other side 7 years. Roof has not been replaced in 10+ years and hasn't needed any repairs. Owner is an investor whom owns and manages multiple properties. He is in his early 60s and retiring. So wants to get rid of his properties that are far from where he lives.
The deal: 220k firm. FSBO.
Rent: The rent comps in the area are $1k to 1.3k. The area is relatively quiet and safe. Currently there is one tenant paying 1k.
Mortgage monthly will be around $1500 according to my lender. Plan is to keep going as if we are living in our current apartment. $500 would be our rent since we would be living in a unit. Budgeting all money made and saved on rent to future repairs.
Possible cash flow in the future if we move away with two tenants of $500 a month. Please let me know what you guys think!
