Timothy, We are about 25 miles north of you. I’m not exactly sure what to expect for rents in Mt. Vernon, I would guess that is close and I’d say your local contact with 30 units should have a good idea so I’d trust him or her. I’m always a little conservative when doing due diligence with the option to adjust later. Just make sure the numbers will work if rents are a little cheaper. We have looked at a few properties in Mt. Vernon but have not found the right one at the right time for us there yet. Also, check with your agent, I’ve been curious but haven’t investigated yet but seems like I heard the city has some landlord rules or regulations that may need to be considered. Other than that it seems like a decent deal especially if you can get it for less than asking and don’t have much work to do. I’m somewhat familiar with the area that duplex is in and I believe it’s good. I saw it says basement is open to both sides, you May also be able to look at other income opportunities there, laundry, storage, additional bedrooms or bathrooms, etc. On another note, very impressed by @richie Thomas, excellent research, I’d keep his comments in mind. I may have to start sending him my deals before I act. Lol. Feel free to contact me if I can help and best of luck.
