All Forum Posts by: Derrick Carter

Hello,

New to forum and desperately loooking for some feedback as a new investor.

Wife and I have a purchase contract for a duplex in Asheville, NC.  Purchase price 757k.  Loan we have signed is allowing $0 down through local credit union, interest rate 5.75 Monthly payment will be around 4600-5000 with P&I and insurance/taxes.  I've tried to crunch the numbers but my head is spinning a bit.

We plan to rent out the lower part of the duplex and live in the other. rent should be between 2000 to 2600 for the one unit ( 2bed/2ba), highly likely 2200 to 2300 using comps.  We already own another property that we will rent for roughly 600$ cashflow monthly, much cheaper and lower interest rate. 

We are looking at this as a long term investment.  My question is say we eventually rent out both units for around the price of the whole unit ( 4600-5000 ).  We make a combine 210k a year and likely to increase and will move back into our lower cost current home.  Does the outlook of owning the duplex for 10-15-20 yrs at a near break even point make sense as a long term payoff?  Asheville, NC is one of the fastest growing areas and this place is in a PRIME location.  Thanks and sorry for the length