All Forum Posts by: Kyle Agius

Does anyone have any recommendations of a property manager to manage a duplex in Casper Wyoming.  I am trying to avoid paying high fees as the tenants are very hands on and the property is newly renovated so should have very few problems.  I just live a few hours away and travel for work often so I am not always readily available.

Thanks in advance!

Thank you for your responses @Jerry W. @Jordan Venjohn @Art G.

I responded this morning in my last post and was not sure if you guys were notified of that automatically.

Let me clear up that the units are already renovated.  The new items I mentioned in original post are already in place.  Seller is gathering paperwork to give me and all work is guaranteed for one year with the roof guaranteed for 2 years.

Terms of the mortgage are 30 year fixed at 4.65%.  Property taxes are relatively low, I believe around $800 currently but should increase upon reappraisal of  the property post reno.  

Hello,

This is my first time posting on here and my first home purchase. I am looking for professional insight on the duplex I currently have under contract Casper, Wyoming, just west of Washington Park. This is a town where rentals and real estate prices are heavily based on oil, which is where my concerns come in.

I am purchasing from a investor who purchased the property 10 months ago for $86,000.  The property was a mess and he pretty much stripped it to replace nearly everything.  New plumbing, new electrical throughout, new electric wall heaters, new windows, drywall, stucco, roof, LVT flooring, and appliances. The seller has his own teams on payroll and says he will guarantee all the work for a year.  The building contains one upper unit, and one lower with an unfinished basement.  All utilities are metered separately with tenants paying.

Specs of the property are as follows.

Built in 1920. 2,200 total square feet(1100 per level) 3 beds/1 bath per level. 

I am told, and based on light research, that rent should be about $900-$1000 per unit.  I have it under contract for $170K and am putting 25% down.  I plan on having it managed as I live about 4 hours away so i am allowing 8%-10% of gross annual rev to go towards that as well as about 10% for vacancy and under 10% for maintenance seeing as nearly everything is new and I should have very few  issues. 

My questions are...

1.) Does anyone have any insight or suggestions as to how much I can get for rent on the property.  I listed on craigslist two days ago, for less than what I was recommended and have had no inquiries. 

2.) Is this a safe deal?  Based on the details, how confident should i be for my first investment property bringing positive cash flow for the future.  Does anybody have insight on the Casper area?

3.) What other suggestions do you have for determining how secure this asset is?  What are reputable stats I should pay attention to?

Thanks for the help and let me know if I need to provide any other details.